Tablet banking has arrived

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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).

A chart showing Tablet banking by household income
Tablet banking by household income

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. One-fifth use tablet banking as an emergency method when it is absolutely necessary.

“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,” explains William McCracken, CEO of SYNERGISTICS.

“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.”

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