More Mobile Banking Users

A recent study of over 1,400 U.S. consumers conducted by Chadwick Martin Bailey and iModerate Research Technologies found that 45% of US consumers own a smartphone or tablet. Of that group, 52% currently conduct some form of mobile banking. However, the real growth in the mobile banking market will come from those who don’t yet own smartphone or tablet. The study shows 39% of those who plan to buy a smartphone or tablet in the next six months are highly likely to use their smartphone or tablet for mobile banking. By contrast, only 6% who already own a smartphone or tablet, but don’t mobile bank say they are highly likely to start in the next six months.

“The real opportunity is in the 14% of consumers who are planning to buy a smartphone or tablet in the next six months, because among that group many say they are highly likely to participate in mobile banking.” For many it’s simply the convenience of being able to have access to account information and transfer funds from anywhere. For others, security concerns outweigh any convenience mobile banking has to offer. Qualitatively, a few consumers said:

“I always have my phone with me and prefer to take care of things when I think about them…I can check on things more frequently and move money around…” -Female, age 18-24

“When away from my desktop it allows me to check my credit card balances. That’s mainly what I use it for…it helps me stay on track for budgeting.” –Male, age 25-29

The study also indicates that consumers are becoming more comfortable with using smartphones to make purchases. The research shows 45% of smartphone owners have made a purchase using their smartphone over the last year. And when it comes to paying for those purchases only 49% use their credit card, while over 40% used either a debit card or PayPal. There were also some gender differences. Men are more likely to use PayPal, while women are more likely to use a debit card.

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