Skip to main content

U.S. Mobile Financial Services Market Demand

comScore released the latest insights on the state of the mobile financial services market. The report found that in Q4 2010, 29.8 million Americans accessed financial services accounts (bank, credit card, or brokerage) via their mobile device, an increase of 54 percent from Q4 2009.

The comScore market study analyzed the reasons inhibiting consumers from accessing financial accounts via mobile devices, finding that preference for online access and security concerns topped the list for both smartphone and feature phone users.

"More people are turning to the convenience of mobile devices for their financial service needs, fueled in part by the adoption of smartphones, 3G devices and unlimited data plans," said Sarah Lenart, comScore vice president.

In Q4 2010, 29.8 million Americans accessed financial service accounts via their mobile device -- up 54 percent from the previous year. And, 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 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.

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).

About 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.

Popular posts from this blog

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Top 10 CFO Priorities Require Rethinking Finance

The Chief Financial Officer (CFO) role is essential to digital business growth. While CFOs do not get closely involved in the tactical details of the digital transformation of their functions, they still recognize its strategic importance. According to the latest survey by Gartner, CFOs are faced with the challenge of balancing the need for substantive digital business innovation with financial cost control and risk management. "CFOs will be stretched thinly across many activities in 2023. The survey revealed a wide range of actions CFOs plan to either lead or be significantly involved with," said Marko Horvat, vice president at Gartner. Survey Findings: The Top Ten Priorities Cost Optimization - Cost reduction remains the top priority for CFOs as they look for ways to cut costs and improve efficiency in their operations. This includes identifying cost-saving opportunities through automation, outsourcing, and business process improvement. Business Continuity - The global C