In yesterday’s MobileFI blog post, we cited a recent report from Javelin Strategy & Research, “Mobile Banking, Smartphone and Tablet Forecast: 2011‐2016”, which projected that over half of U.S. adults (111 million people) will be mobile banking by 2016 and that small FIs are lagging behind in mobile.
The report had other interesting findings as well:
- Mobile banking grew 63 percent from 2010 to 2011, fueled primarily by large financial institutions (FIs).
- Fifty percent of smartphone owners currently use mobile banking, compared to 14 percent of feature phone users, showing how a full mobile banking strategy including applications, mobile web and SMS are most effective.
- Overall, mobile web was the top way consumers accessed mobile banking, with 62 percent of respondents having used the channel.
- The story is different at large FIs, however, as 70 percent used SMS, 62 percent used mobile apps and 46 percent used mobile web.
- 12 percent of smartphone owners who do not currently use mobile banking said they planned to do so in the next year.
- Approximately 50 percent of tablet owners said they had used their device for mobile banking in the last 90 days, and one-third had used mobile banking in the past week.
“There are always barriers with financial institutions setting up mobile banking solutions, but once a bank gets it, it clicks,” said Mary Monahan, executive vice president and research director of mobile at Javelin.