comScore: FIs Seeing Increased Use, Engagement of Mobile Channel

comScore recently released its 2011 State of Online and Mobile Banking report and the results are excellent for mobile financial services.

“Mobile banking grew solidly in 2011 as perceptions of the economy improved early in the year and financial institutions invested in further developing their digital channels,” said Sarah Lenart, comScore Vice President for Financial Services. “Financial institutions who want to ensure they are meeting their customers’ needs must continue to expand and refine their digital marketing strategies in 2012 to increase customer penetration and engagement.”

 

Highlights of the report include:

  • 36.7 million mobile financial users, or 16 percent of U.S. mobile users, said they use mobile devices to access financial information, fueled by smartphone adoption and the continued influx and enhancement of mobile banking apps.
  • Nearly three-quarters of mobile bankers reported interacting with banks on their mobile devices at least once per week, mirroring engagement frequencies seen for online banking use via a desktop or laptop computer.
  • App usage among mobile bankers is growing quickly, up 74 percent from the previous year. App usage among mobile credit card users also increased considerably, up 58 percent.
  • A total of 13.7 million mobile consumers access mobile banking information via an app and 6.3 million access credit card information via an app.
  • Browser usage continues to dominate, with 17.6 million mobile users accessing mobile banking information via a mobile browser and 10.4 million mobile users accessing credit card information via a mobile browser.
  • Mobile bankers tend to be younger and more affluent, with 3 out of every 5 mobile bankers between the ages of 18-34; mobile bankers are also twice as likely to have a household income of $100K or more than non-users.

“Banks need to refine and communicate a compelling enough value proposition that leverages unique mobile capabilities and functionality to encourage customers to modify their behaviors from the more traditional methods of banking,” Ms. Lannert said. “There still seems to be a lot of room for banks to refine their strategies and increase their capabilities around mobile transfer and payment capabilities, to compete with other payment options.”

To learn more about leveraging the unique capabilities of the mobile channel to encourage customer adoption, download the Clairmail white paper, Maximizing Mobile Adoption and Usage: Leveraging the Key Drivers to Attain 100% Adoption.