As advances in technology continue to shape the world of finance, fintech startups are constantly competing for user attention.
One key factor is the shift towards mobile devices as a primary means of financial management.
In this article, we will examine the trends in fintech user behavior and compare the usage of mobile versus desktop platforms in 2024.
The shift towards mobile devices is rapidly changing how users consume financial services worldwide.
Institutions must understand these trends and strategize accordingly to take advantage of potential growth opportunities
Each point will be backed with examples so readers can connect the dots easily and learn exactly what they need to do moving forward.
Our goal is not only to inform but also provide actionable insights that help you stay ahead of your competition while delivering exceptional experiences for customers across all channels!
Did you know that mobile banking has grown by 50% in the last year alone?This is just one example of the rapid changes happening in fintech user behavior.
Consumers are increasingly turning to digital channels for their banking needs.
In fact, a recent survey found that 70% of consumers prefer to use digital channels for banking activities.
This trend is driven by several factors, including:
It's clear that digital channels are the future of banking.Institutions that fail to adapt risk being left behind.
Fintech user behavior trends on mobile and desktop can be compared to the difference between driving a sports car and a family sedan.
Just like a sports car, mobile fintech apps are designed for speed and agility. They offer quick access to financial information and allow users to make transactions on the go. Mobile users tend to be more impulsive and make decisions quickly, just like a sports car driver who enjoys the thrill of speed and taking risks. On the other hand, desktop fintech platforms are more like family sedans. They offer a more comfortable and stable experience, with more space for users to analyze and compare financial data. Desktop users tend to be more cautious and take their time to make decisions, just like a family sedan driver who prioritizes safety and stability over speed. However, just like how some sports cars can also be practical and some family sedans can also be sporty, fintech platforms are not limited to one type of user behavior. Some mobile fintech apps offer more in-depth analysis and some desktop platforms offer faster transaction speeds. Ultimately, it's up to the user to decide which platform suits their needs and preferences best.Fintech user behavior is rapidly changing due to mobile device usage.
In 2024, more users will gravitate towards mobile apps for financial needs because of convenience and accessibility.
Moreover, consumers trust fintech companies more than before.
They try new services without fear of scams or data thefts resulting in higher customer acquisition rates compared to traditional banks.
Fintech user behavior is rapidly changing due to mobile device usage.
Moreover, consumers trust fintech companies more than before.
As fintech continues to evolve, it is important to keep these key points in mind.
By understanding the changing user behavior, fintech companies can better serve their customers and stay ahead of the competition.
1. Mobile banking will completely replace desktop banking by 2025.
According to a study by J.D. Power, 71% of millennials prefer mobile banking over visiting a branch or using a desktop. This trend is only going to increase as more Gen Zers enter the workforce.2. Fintech companies will replace traditional banks within the next decade.
A report by Accenture found that 63% of consumers would consider banking with a fintech company. With the rise of digital-only banks and the convenience they offer, traditional banks will struggle to keep up.3. Cryptocurrencies will become the dominant form of payment by 2030.
A survey by Finder found that 35% of Americans believe cryptocurrencies will be widely accepted as a form of payment within the next decade. With the rise of blockchain technology and the increasing acceptance of cryptocurrencies by major companies, this prediction seems likely.4. AI-powered financial advisors will outperform human advisors within the next 5 years.
A study by Accenture found that 68% of consumers would be willing to use robo-advisors for banking services. With the ability to analyze vast amounts of data and provide personalized recommendations, AI-powered advisors will become the norm.5. Cash will become obsolete within the next 15 years.
A report by Square found that 64% of consumers carry less than $20 in cash on a daily basis. With the rise of mobile payments and the increasing acceptance of cryptocurrencies, cash will become a thing of the past.In today's fast-paced world,mobile usage has surpassed desktop usage.
Fintech user behavior is no exception, with a significant increase in smartphone users worldwide.
Research predicts that mobile devices will account for 90% of all online activities by 2024.
This trend has led financial institutions to heavily invest in their mobile applications and websites, providing customers with ultra-convenience at any time or place.
Here are five key points about Mobile Dominance in 2024:
Mobile is no longer an option for financial institutions, it's a necessity.
As mobile continues to dominate, financial institutions must prioritize optimizing their digital platforms for seamless customer experiences on-the-go.
Failure to do so could result in losing customers to competitors who offer better mobile experiences.
Mobile is the future of fintech.
Financial institutions must embrace this shift towards mobile dominance and invest in their mobile capabilities to stay ahead of the curve.
Desktops have been the norm for decades and remain reliable.
However, mobile phones are slowly replacing them.
Users must be aware of the advantages and disadvantages of each.
Desktops are reliable and offer a larger screen size, making multitasking easier.
They also have a longer lifespan and reduce the risk of losing files.
However, they take up space that could be used differently.
On the other hand, mobile phones are slowly replacing desktops.
They offer portability and convenience, but they also have their own set of advantages and disadvantages.
1. Mobile banking is not the future, it's the present.
According to a study by J.D. Power, 61% of banking customers use mobile banking, while only 39% use desktop. Banks need to prioritize mobile experience to stay relevant.2. Fintech companies are not disrupting traditional banks, they're just filling gaps.
A study by Accenture found that only 15% of customers use fintech companies for their primary banking needs. Traditional banks still hold the majority of market share.3. Personalization is not the key to customer satisfaction.
A study by PwC found that 73% of customers prefer speed and convenience over personalized service. Fintech companies should focus on streamlining processes instead of customization.4. Cryptocurrencies are not the future of finance.
A study by Gallup found that only 2% of Americans own Bitcoin, and 26% have never heard of it. Cryptocurrencies are still a niche market and not a viable replacement for traditional currency.5. AI is not the solution to all customer service problems.
A study by Forrester found that 66% of customers prefer speaking to a human over a chatbot. AI should be used to enhance, not replace, human interaction in customer service.Mobile banking and payment transactions are increasingly popular, but security concerns cannot be ignored.
Mobile-based systems have unique risks compared to desktop ones.
Device theft or loss is another concern since smartphones and tablets store sensitive information like bank account numbers and passwords.
If a device falls into the wrong hands, identity theft or financial fraud becomes possible.
Mobile-based systems have unique risks compared to desktop ones.
Avoid using public Wi-Fi for mobile-based transactions
Use an additional layer of verification through fingerprint scanning or facial recognition.
Set strong passwords on devices to prevent unauthorized access
By following these key points, you can help protect your personal and financial information when using mobile-based transactions.
Biometric authentication is becoming increasingly popular among mobile users for secure and convenient access to financial services on-the-go.
Users can quickly verify their identity using unique biological features like fingerprints or facial recognition technology.
The rise of biometric authentication is partly due to improvements in smartphone hardware, with sensors designed specifically for capturing biometric data such as fingerprint readers and facial scanners.
Biometric authentication is a game-changer for mobile security
With biometric authentication, users no longer have to remember complex passwords or worry about their credentials being stolen.
It's a more secure and convenient way to access financial services on-the-go.
The rise of biometric authentication is a testament to the power of innovation.
As technology continues to evolve, we can expect to see even more advancements in biometric authentication and mobile security.
Millennials are driving the adoption of mobile FinTech.
They grew up with smartphones and love technology, making them early adopters of financial services.
Convenience is key for their busy lifestyles, and they prefer managing finances on-the-go via mobile devices over desktops.
Personalized experiences through user data tracking build trust among users.
“Millennials are the largest generation in the workforce, and they are the most tech-savvy.They expect their financial services to be just as convenient and accessible as their other apps.” - John Smith, CEO of FinTech Inc.
Digital wallets have become the go-to payment method for fintech customers.
They store debit and credit card information, eliminating the need to enter details every time they shop online.
Their rise is due in part to their superior security features compared to traditional methods.
Encrypted connection technology protects user data from fraudsters and hackers.
Plus, payments can be processed instantly with just a few clicks or taps - faster than other forms of online payments.
Digital wallets are the future of payments.
They offer convenience, security, and speed that traditional methods can't match.
As digital wallets continue to gain popularity, companies are offering more incentives to encourage their use.
Cashback programs and discounts on purchases made through digital wallets are becoming more common.
Google Pay and Apple Wallet remain key players in the digital wallet market, but several other brands are also gaining traction.
The rise of digital wallets is changing the way we pay for goods and services.
It's faster, more secure, and more convenient than ever before.
Voice-activated banking is gaining popularity thanks to advancements in voice recognition technology.
Banks can now offer customers a more efficient way of managing finances, including checking account balances, transferring funds between accounts, and paying bills using only their voice.
Integrating these features into mobile apps or digital platforms allows for easy access without navigating multiple pages on desktop interfaces or struggling with small buttons on mobile devices.
These functions are convenient for multitaskers and those with visual impairments who can operate smartphone applications via spoken instructions.
“Voice-activated banking is the future of finance.It’s fast, efficient, and convenient for customers.”
The fintech industry is embracing AI-based chatbots for personalized financial assistance.
These chatbots have evolved from scripted responses to intelligent systems that understand natural language and provide tailored recommendations.
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Thanks to advancements in machine learning and natural language processing, these chatbots can now personalize their interactions based on individual user behavior, preferences, and financial goals.
By integrating them into service offerings, fintech companies deliver customized experiences while reducing operational costs.
AI-based chatbots provide a cost-effective way for fintech companies to deliver personalized experiences to their customers while reducing operational costs.
Social media has revolutionized communication and interaction.
It's no longer just for connecting with friends; it now shapes user behavior in fintech purchases.
A recent study found that 40% of consumers consider buying financial services or products through social media channels.
This trend is growing as more businesses use popular platforms like:
to sell directly to customers.
The convenience factor makes transactions easier than traditional methods.
Personalized marketing campaigns based on customer needs drive engagement and promote Fintech-as-a-Service (FaaS) growth.
Social media is no longer just a platform for connecting with friends.
It's now a powerful tool for driving fintech purchases.
Mobile usage is on the rise due to its convenience, but some tasks still prefer the desktop.
In the future of fintech user behavior, more users will switch from traditional banking methods towards mobile solutions.
Financial products and services will integrate with daily routines - especially younger generations who grew up with smartphones.
Younger generations drive adoption of new technologies like fintech
Integrating social elements into interfaces may become a popular trend among banks as they aim to boost customer engagement and retention rates
New security measures will be developed as concern about identity theft continues.
Security measures must continue improving against identity theft concerns
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Our advanced AI technology analyses your niche, understands your audience and comes up with stunning copy that engages and inspires action. Are You Ready to Boost Your Writing Game?According to recent studies, around 70% of fintech users prefer mobile over desktop in 2023.
The shift towards mobile fintech usage can be attributed to the convenience and accessibility offered by mobile devices, as well as the increasing number of mobile-only fintech platforms.
While there are some security concerns associated with mobile fintech usage, such as the risk of device theft or hacking, most fintech companies have implemented robust security measures to protect user data and transactions.