Mobile Financial Services Audience Adds More than 10 Million Users in Past Year
In Q4 2010, 29.8 million Americans accessed financial service accounts (bank, credit card, or brokerage) via their mobile device (browser or application), up 54 percent from the previous year. 18.6 million users accessed their financial accounts via mobile browser in Q4 2010, up 58 percent from the previous year, 10.8 million accessed their accounts via applications, up 120 percent. SMS (text message) represented the smallest access point for financial service audiences with 8.1 million users, up 35 percent.
Among Mobile Banking Users, Mobile Second Most Popular Access Point to Online
With the proliferation of access channels, knowing how and where consumers are interacting with their financial accounts is essential for efficient allocation of marketing dollars and resources. Among mobile banking and credit card users, nearly half prefer going online via a fixed device as the primary way to access their accounts, with 47 percent of mobile banking customers and 44 percent of mobile credit card users doing so. Mobile has become an increasingly important access channel with 36 percent of mobile credit card users and 26 percent of mobile banking customers indicating it is their primary method of accessing their accounts. Only a small segment of these users listed speaking with a representative in person or on the phone as their primary access method.
Online Preference & Security Top List as Reasons Consumers Do Not Use Mobile for Financial Activities
comScore also analyzed the reasons consumers cite for not utilizing their mobile devices for financial activities. The results indicated that preference for using a fixed online device topped the list for both smartphone and non-smartphone users at 53 percent and 45 percent, respectively. Security concerns were also rated highly as a concern among both smartphone users (33 percent) and non-smartphone users (30 percent). Perhaps not surprisingly, 29 percent of non-smartphone users stated cost as a reason for not accessing these accounts, while only 10 percent of smartphone users said the same thing (as unlimited data plans void this concern for many smartphone users). 26 percent of smartphone users also indicated that slow connection speeds hindered their mobile financial service usage. Demonstrating the overall strong awareness of these services, only 6 percent of smartphone users and 5 percent of non-smartphone users stated not knowing about these services as a reason why they did not access these accounts.