Mobile Banking Continues to Grow

Research indicates that 32.5 million Americans accessed mobile banking information on their devices at the end of June, representing 13.9% of all mobile users, according to comScore, Inc. The study also revealed that 12.7 million mobile users reported using banking apps, showing a notable increase of 45% from the end of last year.

“The investments in mobile made by financial services institutions, along with the continued growth in smartphone adoption, have had a truly positive effect on the use of mobile financial services,” says Sarah Lenart, comScore vice-president for Marketing Solutions. “New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices. With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access.”

Nearly 14% of the total U.S. mobile audience (32.5 million users) accessed mobile banking services in June 2011, up 21% from the fourth quarter of 2010. Mobile credit card services saw an even greater increase, with 18.4 million mobile users accessing credit card information, up 23%. Mobile auto and property insurance services also exhibited strong gains as 7.2 million mobile users accessed insurance information on their devices—a 19% increase.

With the steady growth in smartphone adoption over the past year, the use of apps to access mobile financial information has grown as well. In particular, mobile banking and credit card app usage have seen sizeable increases. 12.7 million mobile users reported having used a banking app in June (up 45%), while 6 million users used a credit card app (up 43%).

An analysis of credit card customers’ engagement with various account channels shows users reporting more frequent access through mobile channels than fixed-line computers, with 62% of credit card customers reported using an app to visit a bank’s web site at least once a week, and 52% percent reported checking in with the same frequency via a mobile browser. In comparison, only 34% of users responded checking into their accounts with the same frequency from a fixed-line computer.

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