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CU System
Paper: Consumers Using Tablets For Fin Services
BROOKFIELD, Wis. (3/11/13)--Consumers are using their tablets to access financial services. However, to take advantage of the opportunity credit unions must align their offerings with the ways in which members use the devices, according to a new whitepaper from Fiserv Inc.

Tablet ownership is increasing, with nearly half of U.S. households having Internet access expected to own at least one tablet by the end of 2013, said the research consulting firm Frank N. Magid Associates. Nearly half of tablet owners have used tablets to access their financial institutions' banking services, and almost two-thirds of future tablet owners would like to do so, according to the 2012 Fiserv Consumer Trends Survey.

Instead of just helping consumers access a financial institution's online or mobile banking website designed for personal computers or smartphone users, tablet-specific banking apps should provide a rich experience that leverages touch navigation and makes use of the larger display than that provided on smartphones, the white paper said.

Tablets combine attributes of many Internet-enabled devices: Spacious screen displays akin to PCs, the always-on mobile connectivity of the smartphone and the touch-screen navigation of the latest e-readers. It is the combination of these attributes, in addition to the prevalence of tablet apps, that have inspired consumers to use tablets differently than other devices.

Financial institutions should provide an option designed specifically for the tablet channel, the paper said. The different attributes of the tablet channel shape the kinds of activities that consumers will prefer on the tablet. For example, the tablet lends itself to visual presentations of data, such as charts and graphs and the manipulation of that data with taps, swipes and pinches.

To accelerate support of the tablet channel, financial institutions should consider relying on an experienced technology provider for app development and comprehensive tablet-banking deployment, the paper concluded.

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