adobe digital index: state of banking report

STATE OF BANKING ADOBE DIGITAL INDEX

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Table of Contents 03 U.S. lags other countries in mobile banking

04 Over half of Millennials and Gen Xers do majority of banking transactions online 05 U.S. banking landscape is more fragmented 06 Digital divide in retail banking 07 Mobile apps are a compelling reason to switch financial institutions for Millennials and Gen Xers

08 Online banking is a weekday activity

09 Credit appetite in the U.S. is seasonal and not primarily driven by interest rates

10 As applications increase, approval rates decrease 11 Desktop credit applications 77% more likely to be

approved than smartphone applications

12 iOS credit approvals lag those of Android users

ADOBE DIGITAL INDEX | State of Banking

13 Data citation 14 Methodology

ADOBE DIGITAL INDEX | State of Banking 3

U.S. lags other countries in mobile banking

United States is lagging in smartphone access.


Over half of Millennials and Gen Xers do majority of banking transactions online

53% of Millennials do more than half of their banking online; 62% of Gen X.


U.S. banking is more fragmented among smaller regional banks and credit unions

*Source in appendix


Digital divide is occurring within retail banking

Smaller banks failing to take advantage of the shift to mobile.


Mobile apps are a compelling reason to switch financial institutions for Millennials and Gen Xers

39% of Millennials are concerned about the quality

of mobile apps provided.


Online banking is a weekday activity

Engaging consumers during peak traffic times can increase brand loyalty.


Credit appetite in the U.S. is seasonal and not primarily driven by interest rates

Interest rates are not key factors in credit demand; seasonal events are.


As applications increase, approval rates decrease

With lower credit approval rates during the holidays, banks can market credit repair products.

Spread widens as applications pick up.


Desktop credit applications 77% more likely to be approved than smartphone applications


iOS credit approvals lag those of Android users


Data citation

Country Share Source AUS 80% http://www.businessinsider.com.au/apra-chief-warns-we-dont-want-the-stability-of-a-graveyard-for-australian-banking-2015-4 CAN 90% http://business.financialpost.com/news/fp-street/how-canadas-big-five-banks-have-become-the-big-three UK 81% http://www.statista.com/statistics/387098/uk-banks-current-account-market-share/ US 59% https://ilsr.org/vanishing-community-banks-national-crisis/

Based on consumer data comprised 86 billion visits to banking sites between Jan 2015 and March 2016. Composed of aggregated and anonymous data from visits to financial services websites. •  Survey: We talked to 1,000 US consumers about their online financial planning, as well as plans around tax filing.

The survey was conducted March 17-20th.

•  Report based on 600+ million social impressions scraped from Blogs, Facebook, G+, Reddit, Twitter, Dailymotion, Flickr, Instagram, Tumblr, VK, Disqus, Foursquare, Metacafe, Wordpress, and YouTube. Social engagements is publically available based on an aggregate total.

•  Data from Adobe Marketing Cloud Solutions leveraged: Adobe Analytics and Adobe Social.

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Methodology

adobe digital index: state of banking report

Internet