Mobile Banking Continues to Make Inroads.
According to report from the Mobile Marketing Association and Luth Research , 17% of adults in the US use mobile banking. The report predicts that by the end of 2010, this number will increase to 22%, representing a 30% year-over-year rise in mobile banking users.
Other findings from the report include
- 92% of adults own a mobile phone, and almost one in five of those use a mobile banking application..
- 11% report using a mobile web browser to access online banking services. This is expected to grow to 14% within the next year.
- 8% use SMS for mobile banking and this number is expected to stay flat over the next year.
- 5.5% uses other applications, which is expected to increase to 8.5% by the end of the year.
- The most common uses of mobile banking is to check account balances, locate ATM machines, or bank branch locations.
- Asian Americans and Hispanics are adopting mobile banking faster than Caucasians.
- There is a high interest in using Smartphones as a payment device instead of swiping cards.
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