Mobile Banking on the Rise, Study Says

Mar 24, 2011 1:15 PM PST

RESTON, Va. — A new report says that more people are using their mobile devices to do their banking and accessing their financial accounts.

The report, issued by ComScore, said that the number of users banking on their cell phones surged 54 percent in the fourth quarter last year compared with the same period in 2009.

In 2010, 29.8 million Americans accessed their bank, credit or brokerage accounts via cell phones of other mobile devices while 18.6 million people accessed their financial accounts via a mobile browser, 10.8 million used a mobile app while 8.1 text messaged, according to CNET.com.

The use of mobile apps showed the greatest increase, up 120 percent since the final quarter of 2009.

"More people are turning to the convenience of mobile devices for their financial service needs, fueled in part by the adoption of smartphones, 3G devices, and unlimited data plans," said Sarah Lenart, ComScore vice president.

Accessing their information through a mobile device was the primary method used by 36 percent of credit card holders and 26 percent of banking customers.

Even though mobile banking is growing, many customers cite a lack of security, costs of accessing data and slow connection speeds as a few reasons they still prefer using computers and other fixed online devices.

 

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