Mobile Banking is on the Rise

A while ago, Compete released the results of its 2010 Smartphone Intelligence survey. One of the notable insights from the survey is that mobile banking usage is on the rise, with 40 percent of respondents reporting using mobile banking apps once a month or more. However, with only 6 percent of consumers using mobile banking apps daily, we also noted that mobile banking is not yet part of the consumer’s regular routine.

According to a new study by Accenture, banks enabling customers to use a mobile device to check balances, transfer money, and pay bills can achieve returns on investment as high as 300 percent. We also see financial services companies increasingly competing on application technology in order to attract and retain consumers. Clearly, financial services institutions have good reason to push for consumer adoption of mobile banking.


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