Nearly One Quarter of Americans Utilize Mobile Banking

by Banking.com Staff November 2, 2011   Insights

Mobile continues to grow in popularity as consumers embrace a lifestyle that allows them to be connected on-the-go. For consumers using a smartphone with Internet browsing capabilities and apps, the possibilities to connect are endless. You can now pay bills, shop, peruse apartment listings and apply for jobs from the palm of your hand.

Intuit Financial Services’ 4th Annual Financial Management Survey found nearly one quarter (23 percent) of consumers are using a mobile device for banking needs and an additional 17 percent plan to try mobile banking in 2012. Of the respondents who use mobile banking, 65 percent access their bank or credit union account through the Web/Internet, while a little more than one quarter (28 percent) use a mobile application.

Similar to findings reported earlier this week from comScore, it is clear mobile banking adoption is directly linked to Smartphone adoption. Analyst firm IDC mentioned they have been predicting that smart phone growth in 2012 would exceed the feature phone, noting “in addition to more people having smart phones, banks’ awareness campaigns have also helped drive mobile banking adoption.”

Do you use a smartphone to access mobile banking? If so, do you use the Web/Internet or an app provided by your bank or credit union? If you’re an FI, how have you been driving mobile banking adoption? Let us know in the comments section below, or Tweet @bankingdotcom.

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