37% of All Apps are Banking

There are almost 80 million smartphone subscribers in the United States. Banking applications make up 37% of all applications purchased for the Apple iPhone, Google Android and RIM Blackberry. And according to a study conducted by FIS Mobile Financial Solutions, about three out of four banking users are happy with their experience this year, a 16% gain from 2010.

“We are seeing mobile deployments by banks accelerating in 2011, with our clients growing mobile users by 35% monthly,” said Douglas Brown, senior vice president of FIS. “The momentum is driven by unprecedented consumer demand.”

The ease of mobile banking, a result of improvements in smartphone technology and the ease and availability of mobile banking apps, are fueling the growth. For every early adopter, however, there is someone unwilling to sink money into uncharted waters. Of the 4,000 survey respondents, 38% answered that they preferred to access online banking accounts through a personal computer, with 28% citing security concerns as a reason for not using their phones instead.

Another hurdle towards the universal acceptance of mobile banking: awareness. Over half of respondents did not know that their banks offer mobile servicing; although 57% expressed willingness to use them they were unaware that they had access to a remote deposit application with their bank. Almost 20% think small screen size is a barrier. A mix of increased marketing efforts, consumer education, and improvements in technology could transform the idea of universal smartphone acceptance into a reality.


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