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Phone Banking

Hazel Rycroft

MOBILE, Web and SMS are the most common mobile banking technologies, but app-based banking is set grow rapidly over the next 12 months, according to new research.

The Mobile Marketing Association (MMA) and its official research
partner, Luth Research, have released highlights from the latest US
Consumer Briefing, a monthly survey of U.S. adult consumers about
their mobile marketing behaviours and opinions. The new survey shows that 17 per cent of all adults currently use mobile banking, with interest levels suggesting that usage will grow to 22 per cent within the next year.

US Consumer Briefing features input from more than 1,000 U.S. adult consumers, a sampling large enough to provide a statistically accurate snapshot of the entire U.S. adult population. In the latest survey, 92 per cent of respondents said they own a cell phone, and 19 per cent of that subset currently bank with their phone.

The survey further revealed that consumers' most common form of mobile banking uses a mobile Web browser (11 per cent of respondents), followed by SMS (8 per cent) and applications (5.5 per cent). Over the next 12 months, mobile-Web-based banking will grow to 14 per cent, while applications will grow to 8.5 per cent. SMS mobile banking usage will likely remain flat.

"This study shows that mobile banking is a major opportunity both
today and over the long term, with applications rapidly emerging as
one of the most popular ways that U.S. adults bank on the go." said
Peter A. Johnson, vice president of market intelligence, MMA.

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