Javelin Identifies BofA, Citi And USAA As Top Tablet Banks
The latest study from Javelin Strategy & Research, “2012 Tablet and Banking Report,” assesses the booming tablet banking market, as mobile banking by tablet owners is now growing at twice the rate of non-tablet owners (49% vs. 22%). This growth will continue as overall tablet adoption is forecast to grow to 40% by 2016.
While the majority of top banks have iPad and Android apps, three financial institutions — BofA, Citi and USAA — have emerged as tablet banking market leaders. Financial institutions can use Javelin’s analysis of market data on tablets, consumer’s behaviors and preferences, changing market share of operating platforms, and key recommendations to develop winning strategies for the tablet banking market.
BofA, Citi and USAA have each pursued a different strategy in tablet banking. BofA leads with native — or tablet-optimized — apps.While a majority of the top 25 banks have iPad and Android apps, less than 20% have native tablet apps specifically designed for the iPad, Android or Kindle Fire (Android-based platform) versus ported over smartphone apps. BofA is the only financial institution that has rolled out native apps for the iPad, Kindle Fire, and Android platforms.
Citi has made its presence felt in tablet banking with their Kindle Fire app by providing effective and intuitive personal financial management tools that appeal to tablet consumers in “layback mode” to help them better analyze their account spending and set goals and budgets.
Meanwhile, USAA has the top-ranked tablet banking apps and received the highest consumer rating on Apple’s App Store.
“Financial institutions should first optimize their mobile sites for tablets because most tablet owners access their bank accounts using browsers,” said Mary Monahan, EVP and Research Director, Mobile at Javelin. “Only then should financial institutions deliver an enhanced experience and deepen customer relationships with downloadable apps. Our report provides a risk/reward framework so financial institutions can identify cost-effective solutions for optimization across platforms and allocate resources accordingly.”
“Financial institutions will need to consider which tablet strategy will deliver the best return on investment in this rapidly developing and changing market,” said Jim Van Dyke, President, Javelin. “We deliver key insights and data on tablet consumer demographics, behavior, devices, and operating platforms, so financial institutions can effectively target tablet bankers and offer the right mix of tablet banking services.”
Javelin’s 2012 Tablet and Banking Report explores how banks and credit unions can succeed in the tablet banking market, and provides key recommendations to prioritize and develop strategies.
Selected Key Report Findings – Tablets:
- Apple holds the top market share with 55%.
- Amazon’s Kindle Fire captured 10% of the tablet market in just a few months.
- Tablet owners have higher rates of mobile person-to-person transfers.
- Tablet owners are young (25-44), wealthy (incomes exceed $100,000 and have more investable assets), and use many bank products.
About Javelin Strategy & Research
Javelin Strategy & Research provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
Search For More: Facts & Data, News, Android, BofA, Citi, iPad, Javelin, PFM, USAAAll content © 2013 by The Financial Brand and may not be reproduced by any means without permission.
