More than half of smartphone and tablet owners use their devices for some form of mobile banking (distinct from payments or wallet operations), according to a study from Chadwick Martin Bailey and iModerate Research Technologies. About 21 percent of users view balance information while 17 percent review transactions. Some 13 percent have transferred funds. About 12 percent have viewed their available credit, while 12 percent have paid bills. The survey was not intended to uncover demand for new mobile payment or mobile wallet services, or peer-to-peer payments.
But the survey suggests it is new users, who have never used any mobile banking service, and who will buy a new smart phone or tablet within the next six months will fuel the growth, as many current smart phone or tablet owners already seem to have made up their minds the feature has no value for them.
The study of over 1,400 U.S. consumers also found that 45 percent of U.S. consumers own a smartphone or tablet. Of that group, 52 percent currently conduct some form of mobile banking.
The study of over 1,400 U.S. consumers also found that 45 percent of U.S. consumers own a smartphone or tablet. Of that group, 52 percent currently conduct some form of mobile banking.
However, the real growth in the mobile banking market will come from those who don’t yet own smartphone or tablet. The study shows 39 percent of those who plan to buy a smartphone or tablet in the next six months are highly likely to use their smartphone or tablet for mobile banking. By contrast, only six percent who already own a smartphone or tablet, but don’t mobile bank say they are highly likely to start in the next six months.
The study also found consumers are becoming more comfortable using their smartphones to make purchases as well. According to the survey, 45% of smartphone owners made a purchase with their device over the past year. The majority of those payments are tied to credit cards (49 percent), while 40 percent of those purchases were tied to debit cards and PayPal.
See the full results here.
“I think what we’re seeing is that mobile banking among current smartphone owners has plateaued,” says Jim Garrity, vice president of Chadwick Martin Bailey’s Financial Services practice. “For all intents and purposes, those folks have already made a decision about whether or not they want to participate in mobile banking. The real opportunity is in the 14 percent of consumers who are planning to buy a smartphone or tablet in the next six months, because among that group many say they are highly likely to participate in mobile banking.”
The study also found consumers are becoming more comfortable using their smartphones to make purchases as well. According to the survey, 45% of smartphone owners made a purchase with their device over the past year. The majority of those payments are tied to credit cards (49 percent), while 40 percent of those purchases were tied to debit cards and PayPal.
See the full results here.
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