Mobile drives transaction revenue
Last week at the Mobile Financial Congress in Miami, Ginger Schmeltzer from SunTrust presented the results of their in-depth research into mobile banking that they performed in conjunction with Firethorn.
One of the most important findings in my opinion is that mobile banking causes three additional card transactions each month on average.
And to be clear, SunTrust’s analysis of the numbers didn’t just find a coincidental relationship between mobile banking users having higher card transactions. SunTrust found that when customers started using mobile banking, they increased their monthy card transactions.
This week Mercatus & VISA released another in-depth study that verified this connection. In particular they found that:
[Mobile banking customers] hold higher balances at their primary bank, use more banking and card products, and display lower rates of attrition as compared to traditional customers
In addition the Mercatus study found that mobile customers cost 20% less to support and atrite less than traditional banking customers.
Simply put, this means that mobile banking causes customers to be far more profitable and more likely to stay as a customer.
What else do you need in your ROI?