Survey Finds 17% Of US Adults Use Mobile Banking, Mobile Web & SMS Leading Methods
Posted by Justin on Feb 8, 2010 in In The News, Marketing Strategy, Mobile 2.0, Mobile Commerce, Mobile News, Mobile Payments, SMS / Text, mobile apps
A new survey conducted by Luth Research on behalf of the MMA found that 17% of adults in the US utilize mobile banking, with usage growing to 22% by next year. Mobile commerce in general is a hot topic at the moment, and consumer interest in the technology is growing rapidly.
The survey gathered input from more than 1,000 US-based adult consumers, a sample large enough to provide a statistically accurate snapshot of the entire US adult population, and found that 92% of respondents said they own a cell phone and 19 percent of that subset currently do banking with their phone- an amount equivalent to 17 percent of all US adult consumers.
How users interact with mobile banking came as surprise, with the survey revealing that most utilize a mobile Web browser (11%), followed by SMS (8%) and mobile apps (5.5%). While most, including myself, think mobile apps would be the most common channel to access mobile banking, it’s the mobile browser that’s still on top. Over the next year, however, SMS mobile banking usage is estimated to remain flat, while mobile-Web-based banking is expected to rise to 14%, followed by mobile apps at 8.5%.
From a marketing standpoint, having users gain interest in mobile banking — and becoming comfortable with the idea — means more opportunities for mobile commerce-oriented and transactional-based marketing techniques. “The data provides clear evidence that mobile is becoming a viable platform for banking,” said Jacqueline Rosales, evp of business development and client service at Luth Research. “The task at hand for marketers in mobile banking is to migrate consumers from engaging in primarily informational services such as checking account balances to using transaction oriented services.”
Mobile commerce will soon become a major aspect in mobile technology in general, and as consumers become comfortable with the idea of having such sensitive information and purchases conducted via mobile, the opportunity from a marketer’s point of view is substantial. What will come of it, and how it will be facilitated is yet to be seen, but it’s only the beginning, and mobile marketing will be a primary beneficiary to the uptake.
Giff Gfroerer,i2SMS | Feb 8, 2010 | Reply
Not surprising at all that the browser has the highest penetration amongst users of mobile banking. Bank of America launched their service on browser only. The applications have had a rough go of it, only working on very specific handsets and operating systems. Whereas the browser based solution is working on all IP based phones.
That being said, I am curious about the 17% figure. I am skeptical because roughly 25 to 27% of all cell subscribers 1) Have an IP based phone AND 2) Are paying for a data plan AND 3) actually use their browser/applications. This being currently correct, therefore this report claims that 60% of those in the above category now utilize mobile banking???
I believe this number is high. Of course this number doesn’t much matter. Mobile banking is coming and we will see great numbers in the not so far off future.