Mobile Banking Continues to Make Inroads.

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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