A recent study of mobile banking and payment adoption rates among 4,200 consumers in 14 countries by ACI Worldwide and Aite Group has identified a new category of consumer, dubbed ‘smartphonatics’, that are driving demand for mobile banking and payments (view press release). A smatphonatic is defined as someone who changes their shopping, financial and payment behaviour as a result of owning a smartphone. The report finds that 80% of smartphonatics have used their device for mobile banking compared with one third of non-smartphonatics. Equally, 70% of smartphonatics have used their device for mobile payments compared with less than a quarter of non-smartphonatics.
Conclusions from the report claim that almost 25% of consumers can be classified as smartphonatics and they are more common in India and China than in the US and Europe. India has the highest percentage of identified smartphonatics with 60% followed by South Africa with 42%. The fewest are found in Germany with 10%, France with 8% and Canada with 7%. The US has 20%. India also ranks highest for mobile banking adoption with 76%, followed by China. Germany and Canada have the lowest rate of adoption with 24% and 18% respectively. Two-thirds of respondents in India and China use their smartphone to make mobile payments compared with only 15% of those surveyed in Canada and 13% in France. 36% of people aged between 20-31 are smartphonatics compared with one third of people aged between 32 and 46. 18% of baby boomers, aged 47-65, are smartphonatics as are 6% of seniors.
“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 at 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 and will be an agent for change. Financial and retail institutions will need to adapt or risk being left behind.”