BOSTON – A new report from the Aite Group indicates mobile banking users will triple between 2012 and 2016, and that smart phones and tablets will each serve different banking functions as mobile expands.
“Aite Group anticipates that mobile banking users in the United States will triple between 2012 and 2016,” predicted Ron Shevlin, senior analyst and author of the report. “Tablets will become financial management devices, and smart phones will become financial transaction devices. Financial institutions should invest accordingly.”
The report is based on a Q2 2012 Aite Group survey of 1,115 U.S. consumers. The study forecasts consumer mobile device use for a variety of financial transactions and activities. The number of U.S. consumers using mobile devices to conduct financial transactions and activities has grown significantly – Aite Group estimates nearly 7,000 financial institutions in the U.S. currently offer mobile banking to their retail banking customers.
Among smart phone owners, 36% use the device to check their bank account balances, nearly three in 10 get account alerts sent to the device, and roughly one in six use it to transfer funds, pay bills and view their monthly bill statements. Meanwhile, one in four tablet owners use the device to check account balances and about one in seven get alerts, transfer funds, or pay bills with the device.
