Mobile Banking, Smartphone and Tablet Forecast 2011‐2016: Mobile Banking Moves Mainstream to Mid‐sized, Community Banks and Credit Unions

Mobile Banking, Smartphone and Tablet Forecast 2011‐2016
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Overview

Consumers’ use of mobile banking rose dramatically in 2011, jumping by 63% from 35 million U.S. adults in 2010 to its current level of 57 million. Smartphones continue to drive mobile banking in the U.S. as they use mobile banking more than three and half times as often as feature phone users do. Now, tablets have exploded onto the scene, promising to transform mobile banking once again. This report includes five‐year forecasts for mobile banking, overall mobile adoption, smartphones, feature phones and tablets. New smartphone services and their implications for mobile banking are detailed. The report compares the mobile banking adoption rates at mid‐sized, regional or community banks, and credit unions with those at the giant banks and includes ways to address the findings. Roadblocks and drivers for mobile banking are identified, and strategies are outlined to improve consumer adoption of SMS text, downloadable apps and browser‐based mobile banking.

Primary Questions

  • What will mobile banking adoption look like in the next five years, and how quickly will it grow?
  • How fast is consumer use of tablets growing?
  • At what rate will smartphone adoption continue?
  • Which smartphone operating systems are most popular?
  • What is the difference between the rate of adoption of mobile banking at giant institutions and that at mid‐sized, regional or community banks and credit unions?
  • What are potential roadblocks for consumers who have not tried mobile banking, and what can financial institutions do to minimize them?
  • What are the key drivers to mobile banking adoption?
  • How should banks and credit unions position themselves to succeed as mobile banking institutions?
  • What changes can financial institutions (FIs) expect?

Methodology

This report is based mainly on data collected online in June 2011 and compared with that collected in July 2010 and July 2009. Data was gathered and weighted to reflect a representative sample of the overall U.S. population from the following:
  • A random‐sample panel of 3,180 respondents with mobile phones in a June 2011 online survey. The margin of sampling error is ±1.74 percentage points at the 95% confidence level. The margin of error is higher for questions answered by subsegments.

COMPANIES MENTIONED

Amazon mFoundry
Android Microsoft
Apple Motorola Mobility
Asus Nokia
AT&T Online Resources (ORCC)
Barnes & Noble Q2ebanking
Blackberry RIM
Clairmail S1
FIS Samsung
Fiserv Skype
Google Sony Ericsson
Harland Financial Solutions Sprint
HP Sybase
Infosys T-Mobile
Intuit Tyfone
Jack Henry Verizon
Kony Windows
LG

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