Mobile banking increasing among Americans, apps show big growth

Not everyone with a smartphone and a bank account is comfortable about banking on the move, though figures released by research firm comScore this week suggest more and more of us are discovering it works just fine.

According to comScore, 32.5 million Americans used their mobile device to access banking information during the quarter ending June 2011, which equals 13.9 percent of all mobile users in the US. That marks a 21 percent increase on the quarter ending December 2010, when 26.7 million used their mobiles for banking.

The figure of 13.9 percent may seem small to some, but over time, as financial institutions offer better mobile sites and apps, and reassure users that security for online banking is improving all the time, more and people are certain to give it a try.

The figures also revealed a big leap in the use of banking apps, with 12.7 million mobile owners using them during the quarter ending June 2011. That’s a significant 45 percent increase on the quarter ending December 2010.

comScore’s vice president for Marketing Solutions Sarah Lenart commented on the findings, saying: “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.”

She added: “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.”

As long as none of the major banks mess up in a major way regarding online security with its mobile sites and apps, and the more features those sites and apps can offer users, we’re bound to see a gradual increase in the coming years in those turning to their smartphone or tablet for banking information.

[Image courtesy of Slavoljub Pantelic / Shutterstock]

Editors' Recommendations