RiskTech Forum

Fiserv: The Rise of the Mobivore: Serving the Mobile-Only User

Posted: 1 October 2015  |  Source: Fiserv

The steady growth in smartphone usage means more and more consumers are using their mobile devices to access digital services. In fact, a growing number of consumers are using only their smartphones to go online, forgoing other devices such as desktop or laptop computers and tablets.

Many digital businesses are successfully serving these mobile-only users – or “mobivores” – but financial institutions could do more to provide a compelling user experience for this market segment. To retain and attract mobile-only consumers, financial institutions must think differently about the mobile channel.

Mobivores have high expectations for their smartphone user experience, and to succeed in this 24/7 environment, financial institutions must carefully examine how the mobile-only user accesses financial services. Financial institutions can no longer consider mobile as simply as an
add-on channel; rather, they must address the needs of a segment that is simply not interested in other channels.

Who are mobivores? Although mobile-only users skew younger, mobivores cross generations and socioeconomic segments. According to a 2013 Pew Research Internet Project report, 50 percent of teen smartphone owners use the Internet mostly on their cell phones, as do most young adults and low-income adults. However, mobile-only usage is not limited to these demographics, as one-third of all mobile Internet users mostly use their cell phone to go online, according to a 2013 Pew Research Center study. As increasing numbers of consumers use their smartphone to confirm travel, shop and socialize, these numbers will no doubt increase.