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One in Four Online Households Use Mobile Banking – Jan 2012 Survey Reports

May 21, 2012

The 2011 Fiserv Consumers Trend Survey—released in January 2012—reports that one in four online households are using mobile banking.  Also noted in the report is a thirty percent increase over 2010 from those who use mobile banking for online bill pay.  These survey results indicate a strong shift by the general population towards mobile banking.  It will be very interesting to see where these numbers are in five years.  Is it realistic to predict that half or three quarters of the US population will use mobile banking for their day-in-day-out financial services needs?

As the financial services industry experts in workforce optimization, FMSI will keep a close watch on how these trends are impacting the branch network labor utilization costs.  As reported in FMSI’s Part-Time Teller White Paper, a steady year-over-year decline in branch transaction volume coupled with rising salary and benefit rates have led to a 119% increase in the average labor cost per transaction—over the past twenty years.

With mobile banking now showing signs of rapid growth, this unstable industry labor cost per transaction number could have a serious impact on the bottom-line for most financial institutions—especially those who do not employ workforce optimization programs like FMSI’s Teller Management System.

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