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New York -- Research by ACI Worldwide and Aite Group has identified a new group of smartphone fanatics – coined Smartphonatics – are driving demand for mobile banking and other financial services.
The study, which examined mobile banking and payment adoption rates in 14 countries, identified a stark difference between mobile adoption among Smartphonatics (whose behaviors are changed from smartphone use) and other consumers: while 80% of Smartphonatics have used their smartphones for mobile banking, only one-third of non-Smartphonatics report doing so.
Similarly, 70% of Smartphonatics have used their smartphones for mobile payments, while less than a quarter of non-Smartphonatics have done so.
“Smartphonatics enthusiastically use their smartphones when they shop for products and services as well as when they interact with their banks,” said Ron Shevlin, senior analyst, Aite Group. “They exist around the world and while they may be more concentrated in some countries it is quite clear they are an emerging consumer force.”
Smartphonatics are driving the adoption of mobile banking and payments, added Shevlin, and will be an agent for change.
The survey found that Smartphonatics are more common in India and China than in the United States and Europe. But, globally, nearly 25% of consumers can be classified as Smartphonatics.
The researchers assured that mobile will not replace traditional banking or payment systems. The study also determined that the emergence of Smartphonatics will not result in the demise of traditional banking or payment systems. The findings indicate that while using a mobile device is the preferred method of payment and banking in many groups, it is not expected to be the only method. Smartphonatics are more willing than other consumers to experiment with different approaches to mobile payments and banking. Also, simply owning a smartphone does not make one a Smartphonatic.
“Consumers expect to shop and transact anywhere, at any time, making mobile the hottest area of opportunity for financial institutions, processors and retailers today,” said Ralph Dangelmaier, president, Global Markets and Services, ACI Worldwide.