BankTech

Evolving Behaviour In Mobile Banking - Survey By Kasisto And Wharton

MEDICI

Kasisto, the creator of artificial intelligence-driven virtual specialist technology for financial institutions, recently released the study of a survey conducted by them. The survey showed the evolving behaviour in mobile banking and consumer banking preferences. The survey was conducted as an independent study project by Wharton MBAs (and Wharton Fintech members) under the supervision of Wharton marketing faculty with the support of Wharton FinTech.

The survey was sent to 1079 panelists of whom 369 qualified for the survey. These 369 users owned a smartphone and were actively engaged in mobile banking. The survey focused on banking channel penetration and banking use case usage by channels.

“We were surprised to discover how underutilized the mobile banking channel remains today,” said Abhay Nayak, a recent Wharton MBA graduate and Wharton FinTech member who conducted the survey. “Consumers, especially younger generations, increasingly use mobile banking apps for simple daily tasks. To us, the results clearly indicate that a better and richer mobile banking experience is needed to support complex-use cases.”

The survey explored a banking consumer’s attitude towards Kasisto and interest in leveraging new conversational artificial intelligence technology to assist in routine and complex banking needs.

“The rise of virtual personal assistants has changed consumers’ expectations for how they interact with mobile devices, and there is a clear opportunity for banks to use conversational artificial intelligence to extend feature sets and simplify usability within their mobile apps,” said Zor Gorelov, Co-founder and CEO of Kasisto. “Kasisto’s technology is poised to redefine how consumers interact with their banks and aid in closing the mobile app usability gap that costs banks nearly $2 billion each year.”

Some of the results obtained from the survey are listed below:

1. Mobiles have the lowest penetration rate (64%) among channels, but benefit from a high frequency of use.

2. Frequency of use is high for mobile banking; 59% use the mobile channel more than four times a month.

3. Mobile banking is majorly used for performing primary tasks such as checking balances and depositing checks.

4. Consumers still prefer online banking portals, physical branches and banking call centers in case of any query or assistance regarding new products or disputing charges.

5. The age group accessing mobile apps the most falls in the range of 18-30 years. About 49% of this group access mobile apps more than six times a month.

To view the full findings of the survey, please visit .

About Kasisto:

Kasisto, Inc. is an SRI International spin-off offering intelligent conversation capabilities through branded virtual personal assistants to dramatically improve the usability of enterprise mobile applications. Kasisto’s conversational platform offers a comprehensive technology stack including speech recognition, natural language understanding and generation, and artificial intelligence reasoning. Kasisto’s user interface provides multimodal capabilities that let consumers easily and quickly access information and perform simple and complex tasks using voice or text on their smart devices. The company leverages decades of research and development in artificial intelligence by SRI International.

To know more about the company visit.

Source: Company's website

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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