TABLET BANKING HAS ARRIVED

A notable proportion of those who own a tablet or e-reader use it for banking activities and see this as their primary banking method according to a recent survey by SYNERGISTICS Research entitled, The Emerging Role of Tablet Banking. Nearly half of Internet households own a tablet or e-reader with Web browsing capability. Of these tablet/e-reader owners, three-quarters are using these devices for banking or bill payment activities. This represents one-third (34%) of all Internet households and usage increases steadily with income (see Exhibit 1). Furthermore, it was found that three in ten tablet banking users view it as a primary method of performing financial activities. The largest proportion – close to half – see it as a secondary method. method when it is absolutely necessary.

William H. McCracken, CEO of SYNERGISTICS, stated, “Tablet banking – including devices ranging from the iPad to e-readers with Web browsing capability – is emerging as a fascinating and promising facet of mobile banking. The adoption and usage of tablet/e-readers is growing rapidly and promises to continue to do so in the coming year. It is quite impressive that in a relatively short time frame three-quarters of tablet/e-reader owners, representing one- third of Internet households, are using their devices for banking activities. In addition, only a minority of these users see tablet banking as merely an emergency method of banking, and three in ten see it as their primary banking method. Providers should expect that tablet banking will increase as more tablets/e-readers get into the hands of consumers and should incorporate tablet banking as a part of their online channel strategies.”

These are among the findings from SYNERGISTICS study, The Emerging Role of Tablet Banking, featuring 1,010 online interviews with consumers age 18 or older. This study examines the current and potential role of tablet banking in the delivery system mix. Current usage and the appeal of various activities and apps are measured, as well as consumers’ concerns with fraud and security issues.