Mobile Banking Usage Hitting Stride, Bank Innovation Data Shows
If you are waiting for mobile banking to take off, wait no longer. The latest Bank Innovation Monitor data shows that usage frequency by consumers of mobile banking services is starting to hockey-stick higher.
According to Bank Innovation Monitor 3Q11 data, the usage frequency of the most common mobile banking tool — check account balance — climbed to nearly two to three times a week versus close to once a week in the first quarter of 2011. Specifically, usage frequency for checking account balances reached 2.36, where 2.50 equals “two to three times per week,” as opposed to a frequency rate of 1.81 in the first quarter. A usage frequency of 1.00 means consumers are using the application once a week.
It is not just checking account balances. Consumers are also using other mobile banking tools with greater frequency. For example, usage frequency for paying bills via mobile banking, transferring funds between accounts and receiving text alerts from banks were all higher last quarter compared to the first and second quarters of this years. Remarkably, these increases have all taken root in just the last nine months or so. From our perspective, we see these changes as evidence that the mobile banking revolution is taking place right before our eyes.
Bank Innovation Monitor is a quarterly data and research service that tracks online banking, mobile banking and alternative payments.
