SAN FRANCISCO (7/7/14)--With tablet adoption cresting the 50% crossover point, consumers are using smart devices for their mobile banking, with a third viewing and paying bills via the devices, according to recent research by Javelin.
About 1 in 3 consumers use tablets as the primary device to email financial institutions (FIs), and Javelin estimates about 138 million adults will use their tablets to access their accounts by 2018.
"The biggest constraint to consumer tablet banking in the next several years is the speed at which FIs adapt to consumers' changing technology needs to provide robust tablet banking apps, especially for the complex Android market," said Mary Monahan, Javelin executive vice president and research director of mobile. "FIs have worked diligently to finesse mobile banking for smartphone users, but they are less prepared for tablet bankers."
Users also are turning to tablets at higher rates to perform advanced mobile banking tasks, according to Javelin's "Tablet Banking Forecast 2014--2018: Design and Deployment Strategies for Mass Adoption."