Survey Shows Mobile Banking Steadily Gaining Acceptance Among U.S. Consumers

A few days ago, KPMG conducted a survey that focused on the number of U.S consumers utilizing mobile banking on a mobile device. The results of the survey proved once again that mobile banking was growing at alarming rate. This most recent survey was matched up with an identical study conducted 18 months ago in order to see how the use had changed. The comparison of these studies revealed that banking via a mobile device increased more than 2 times. Specifically, the study showed that the number of US consumers utilizing mobile banking on their phones. The study consisted of 5,600+ people and found that the use of Mobile banking via a mobile device increased from 9% to 19%.

Among age groups, U.S. consumers age 16-24 conducted mobile banking the most with 33 % of the respondents in this bracket indicating they have conducted banking on a mobile device. Among all U.S. respondents who have not conducted banking through a mobile device, 52% cited security and privacy as the primary reason.

“Mobile banking is gaining popularity and acceptance as consumers discover the utility it provides and the secure nature of the platform,” said Carl Carande, a principal in KPMG LLP’s Banking and Finance Advisory practice. “To continue to spur adoption, banks may need to continue to educate consumers about the security of the mobile banking environment and further promote the availability of this vehicle that helps make banking more accessible and convenient.”

Nearly three-quarters of U.S. respondents said that their current bank either does not offer banking through a mobile device or that they did not know if their bank offered this service.

U.S. respondents who said they were comfortable using their mobile devices for financial transactions (e.g. mobile banking and mobile payment transactions) grew to 16%, a 6% increase from the last survey. Respondents not comfortable with such usage declined to 55%, an 11% drop from the last survey.

While U.S. consumers have become more comfortable using their mobile devices for financial transactions, they still trail much of the world in this regard. In fact, about one-third of consumers globally in the new survey said they were comfortable making financial transactions on a mobile device.

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