Mobile phone banking is set to reach several milestones in the coming years as the number of consumers who take to the convenient mode of banking continues to rise. For the first time in 2016, eMarketer expects the majority (51.2%) of adult mobile phone users in the US to use mobile banking, up from 47.2% this year. Even more, half of the adult population will be mobile phone bankers by 2017, vs. 43.0% in 2015.
Indeed, Q4 2014 research by ath Power Consulting found that mobile banking was becoming imperative. Among banking customers polled in North America, nearly eight in 10 said mobile banking was important to some extent. Three in 10 said this was a must-have, up 6 percentage points from 2012, and over one-quarter said it was ideal, vs. one-fifth two years prior. Results also highlighted a huge transformation in consumer attitudes, as half of respondents in 2010 didn’t think mobile banking was important, vs. just 22% in the most recent study.
Mobile banking ranked as the third most-used bank feature among respondents, at 45%. While promising, it still had a long way to go before catching No. 1 online banking (91%) and second-place online bill pay (63%). Read the rest at eMarketer.