The Growth of Mobile Banking

A few weeks ago, comScore announced that nearly ~30 million people in the U.S. accessed their financial services information on their mobile device during the 4th quarter of 2010. This is a 54% more than did so in Q4 2009.

What’s driving the growth? One word: convenience. Mobile banking is the ultimate convenience for customers. It gives them more time in the day – time that would have been spent at your branch or ATM.

With the expansion of mobile banking beyond balance inquiries and ATM finders, the growth of features like mobile bill pay, transfers and mobile deposit are expected to fuel even faster growth in mobile banking throughout the remainder of 2011.

Another huge driver of mobile banking growth is the mobile banking app itself. According to comScore’s research, mobile apps are growing faster than mobile browsers – 10.8 million users accessed their accounts via applications in Q4 2010, a 120% increase over Q4 2009, while mobile browser use increased 58%. That 58% is significant though, considering we’re talking about 18.6 million users who used mobile banking via the mobile Web. While one of the most-talked about features in mobile banking, SMS (text message) represented the smallest growth in terms of modality – 8.1 million users, an increase of 35%. While growth rates vary across each mode, there is significant growth across all three.

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