Use of mobile banking services is growing significantly, but it has not yet become a mainstream service, according to a report from IDC Financial Insights.
The Boston research company found that 21% of consumers have used mobile banking services, up from 10% in 2008.
However, consumers overwhelmingly prefer to bank online, at an automated teller machine or at a branch, and some banks are still reluctant to invest in the mobile channel, citing a dearth of potential revenue opportunities, according to Marc DeCastro, IDC Financial Insight's research manger for consumer banking.
"If you ask a consumer what their preference is, they like completing more complex transactions, such as large credit decisions, refinancing and investment opportunities, at an actual bank," he said. But eventually, "consumers are going to expect mobile banking as another banking option."
IDC Financial Insights polled 1,008 U.S. adults by phone in November, and released the report last week. About 69% of participants said they visited a branch between one and four times per month.
Respondents 55 and older viewed mobile phones as a means of communication, not as a payment device, DeCastro said, and consumers 25 to 34 are most likely to use mobile banking services.
DeCastro said that some banks see mobile as a new cost that does not provide revenue opportunities, especially because consumers are unwilling to pay for the service. However, new features, such as remote deposit capture, could be potential sources of fee income, he said.
