Fuel for the Mobile Banking Fire

Nearly 30 million Americans, or 1 in 10 have accessed financial services accounts (bank, credit card, or brokerage) via their mobile device in Q4 2010, that’s an increase of 54% in 12 months, an increase of more than 10 million.

According to comScore’s quarterly Mobile Financial Advisor report, the number of people accessing their financial accounts specifically through a mobile app exploded, more than doubling from 4.9 million users to 10.8 million since Q4 2009. One of the main reasons in which Mobile Banking has grown so much and will continue to grow at a rapid pace has to do with its features. When Mobile Banking was first launched it was only available through text messaging – it was a very slow cumbersome process. With today’s latest phone technology, banks are able to offer applications which yield a much faster and easier mobile banking experience. Mobile banking has become more enticing through a feature that allows you to deposit a check from your smartphone. This mobile banking feature is available on many mobile banking apps, and is called Mobile Deposit. Mobile Deposit is made by Mitek Systems and it is truly the fuel for the mobile banking fire.

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