U.S. Mobile Banking Usage Rises 45% from Late 2010

Article excerpt

Byline: Penny Crosman

Mobile financial services usage rose sharply during the second quarter of 2011 compared to the last quarter of 2010, according to comScoreas latest mobile banking adoption research. A total of 32.5 million Americans accessed banking information on mobile devices during the second quarter, representing 13.9 percent of all mobile phone users, the survey shows. Of that total, 12.7 million mobile subscribers used mobile banking apps, up 45% from the fourth quarter of 2010.

The use of mobile devices to access credit card information also grew at an extremely high rate, by 43% for mobile apps and 17% by mobile browser.

Much of this phenomenal growth can be attributed to the popularity of smart phones themselves. aAll ships rise when the tide comes in,a notes Marc DeCastro, research director - consumer banking and community banking at IDC. aWeave been predicting that smart phone growth in 2012 would exceed the feature phone. Thereas been steady period-over-period growth in mobile banking.a In addition to more people having smart phones, banksa awareness campaigns have also helped drive mobile banking adoption, DeCastro says. …