Boston, December 17, 2012 – A new report from Aite Group provides financial services executives with guidance on the most important mobile banking features for investment. Based on a Q2 2012 Aite Group survey of 1,115 U.S. consumers, the report 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 that nearly 7,000 financial institutions in the United States currently offer mobile banking to their retail banking customers. Moreover, more financial institutions will continue to deploy mobile banking solutions in the years ahead as consumer demand becomes increasingly evident. Among smartphone 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.
“Aite Group anticipates that mobile banking users in the United States will triple between 2012 and 2016,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “Tablets will become financial management devices, and smartphones will become financial transaction devices. Financial institutions should invest accordingly.”
This 17-page Impact Note contains 15 figures and four tables. Clients of Aite Group’s Retail Banking service can download the report.