As Smartphones near a Key Crossover, Mobile Banking Adoption Soars 60%

Today’s  “Let’s talk iPhone” event epitomizes the fascination that Americans have with their smartphones, the same fascination that is leading to an important crossover.  In 2011, the U.S. will cross the 50% mark when more than half of mobile Americans will own smartphones vs. standard or flip phones. This has important implications for mobile banking, as half of smartphone owners conduct mobile banking, they are more likely to appreciate the benefits of mobile banking, to regularly make sticky transactions, and far less likely to give up on mobile banking than those with regular mobile phones. In short, smartphone owners make ideal evangelists for mobile banking.

And so we see that, after a pause in 2010, consumer adoption of mobile banking jumped 60% in 2011 as hundreds of new financial institutions went live. Today our “2011 – 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a “Nice-to-Have” to a “Must-Have” Channel” was released to the public. This is the third time since 2008 that we have conducted this review of the leading vendors, this year’s report compares 15 mobile banking vendors and gives insight into mobile strategies to follow for the future.  Top scores were awarded to FIS and Sybase with Best-in-Class awarded to Fiserv. The “Path to Mobility” award was given to mFoundry. When 3 in every 10 consumers are using a financial service, it cannot be ignored. Americans are becoming tethered to their phones in new ways that are still being defined and we will continue to follow this market closely.

Category: Mobile

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One Response

  1. James Godwin says:

    I wonder how much faster it will be if we can see NFC chips in all smartphones? Interesting that Apple have not included NFC in their latest iPhone4s. I wonder where this is all heading. Maybe Apple have another strategy. Mobile banking sure is hotting up.

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