By Daniel Huang 

A waitress from Queens, N.Y., Ethel Bueno represents the promise--and the pitfalls--of a recent surge in the popularity of mobile banking.

The 23-year-old keeps her phone close at all times, and frequently logs on to her Capital One bank account to check her balance and make sure charges go through correctly. "It's made my life easier," she says.

But for bigger and more-complex transactions, which often require fees, Ms. Bueno prefers to visit a bank teller in person. That means her digital devotion to the bank doesn't actually generate much revenue, a puzzle firms across the industry are still trying to solve.

For the first time, U.S. customers interact with their banks more through mobile devices than any other means, according to a new study by consultancy Bain & Co. Mobile interactions are now 35% of the total, more than any other type, including traditional online channels, automated-teller machines and branch visits, the report showed.

The report, to be distributed Friday, highlights a major shift in how banks engage with their customers--one that the firms hope will help them build loyalty among some of their most valued clients.

"Mobile users are redefining how we think about banking," said Gavin Michael, head of digital at J.P. Morgan Chase & Co. The nation's largest bank by assets has 18 million mobile users who have logged on within 90 days, up 23% from November 2013. More than 40% of customer households today use the mobile channel, up from 25% in 2012.

In recent years, most of the nation's big banks have emphasized their digital offerings while closing branches and making newer branches smaller in an effort to cut costs.

But the Bain report also indicated that banks that go all-in on digital do so at their own peril. "Digital-only" customers scored lower on a loyalty and engagement scale than those who only visited branches or used a combination of branches and digital channels.

Digital-only customers also purchased fewer products than those that connect with banks through a combination of digital channels and physical branches.

The key, the report argued, is for banks to develop "omnichannel" relationships with customers that build loyalty through a variety of experiences.

"There's a virtuous cycle," said Gerard du Toit, head of Bain's banking practice in the Americas. As customers engage more frequently with their banks, "they're more open to learning about and consuming new products."

The Bain report, which surveyed roughly 83,000 bank-account owners around the world, found that customers in 13 out of 22 countries complete more interactions through smartphones or tablets than any other channel.

Global customers using mobile applications to access banking services climbed 19% in the past year and now comprise nearly half of all customers, Bain said.

Banks are also pushing further into mobile as a matter of simple economics.

"Mobile is by far the least expensive channel," said Kevin Sullivan, senior vice president at Fifth Third Bank. He said the Cincinnati-based bank's internal costs were consistent with a 2012 report by Fiserv, a provider of financial-services technology, which found that digital transactions cost on average 17 cents each, compared with 85 cents for an ATM transaction and $4 for an interaction with a bank teller.

To be sure, many customers are just dipping their toes in mobile, using their smartphones or tablets to handle basic tasks like checking account balances. Other services, such as remote check deposit, are also catching on, but mobile users tend to stay logged on for shorter periods than their computer-using counterparts, said Mr. Michael of J.P. Morgan. More important transactions that generate fees or require advice often still involve a visit to a branch or a call to the bank.

For some customers, the joy of mobile banking comes from depriving banks of that opportunity.

Manuel Rodriguez, 43, a maintenance worker from New Jersey, likes that when he is on his mobile device, he can focus on completing the task at hand. He says he banks with his phone at least once a day, often checking his accounts and paying bills on the go.

"I don't want to hear from the teller, 'Oh, would you like to try this or that today,'" Mr. Rodriguez said.

But banks contend mobile users are attractive nonetheless.

Wells Fargo & Co. says that "high-intensity" customers--those who frequently interact with the bank across multiple channels--tend to be 1.7 times more profitable, and typically own six more products, than low-intensity customers.

The San Francisco-based bank's mobile users, on average, access their accounts 15 additional times each month, while interactions through other channels remained consistent, indicating that "mobile growth is entirely augmentative," said Brett Pitts, head of digital at Wells Fargo.

Bank executives contend there is little downside for the consumer.

"The mobile experience is, at worst, more convenient," said Mr. Sullivan from Fifth Third. "At best, it can even be kind of fun."

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