Banking apps boom in USA

comScore’s latest survey shows that 32.5 million Americans accessed mobile banking information on their devices at the end of Q2 2011, representing 13.9% of all mobile users. Also revealed was that 12.7 million mobile users used banking apps, a 45% increase from Q4 2010.

comScore has released an analysis of mobile financial services usage in the U.S. showing that 32.5 million Americans accessed mobile banking information on their devices at the end of Q2 2011 in June, representing 13.9 percent of all mobile users. The study also revealed that 12.7 million mobile users reported using banking apps, showing a notable increase of 45 percent from Q4 2010.

‚The investments in mobile made by financial services institutions, along with the continued growth in smartphone adoption, have had a truly positive effect on the use of mobile financial services,‚ said Sarah Lenart, comScore vice president for Marketing Solutions. ‚New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices. With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access.‚

Mobile Banking and Credit Card Usage See Highest Increases in Visitation

Nearly 14 percent of the total U.S. mobile audience (32.5 million users) accessed mobile banking services in June 2011, up 21 percent from Q4 2010. Mobile credit card services saw an even greater increase, with 18.4 million mobile users accessing credit card information, up 23 percent from December 2010. Mobile auto and property insurance services also exhibited strong gains as 7.2 million mobile users accessed insurance information on their devices ‚ a 19-percent increase.

Mobile Financial Services Usage 3 Month Avg. Ending June 2011 vs. December 2010 Total U.S. Mobile Subscribers Ages 13+ Source: comScore MobiLens

Mobile Financial Services CategoryAccessed in the Past Month

Unique Mobile Audience (000)

Dec-2010

Jun-2011

Percent Change

Banking Information

26,765

32,451

21%

Credit Card Information

14,931

18,356

23%

Auto or Property Insurance Information

6,041

7,169

19%

Brokerage or Stock Information

8,695

9,576

10%

App Usage Increased Significantly for Banking and Credit Card Servicing

With the steady growth in smartphone adoption over the past year, the use of apps to access mobile financial information has grown as well. In particular, mobile banking and credit card app usage have seen sizeable increases. 12.7 million mobile users reported having used a banking app in June (up 45 percent from Q4 2010), while 6.0 million users used a credit card app (up 43 percent).

App and Browser Usage Among Mobile Financial Services Users 3 Month Avg. Ending June 2011 vs. December 2010 Total U.S. Mobile Subscribers Ages 13+ Source: comScore MobiLens

Mobile Financial Services CategoryAccessed in the Past Month

Unique Mobile Audience (000)

Dec-2010

Jun-2011

Percent Change

Mobile App Usage

Banking Information

8,747

12,706

45%

Credit Card Information

4,187

6,003

43%

Mobile Browser Usage

Banking Information

15,439

17,561

14%

Credit Card Information

8,891

10,430

17%

Credit Card Customer Engagement Increases in Frequency through Mobile Channels

An analysis of credit card customers’ engagement with various account channels shows users reporting more frequent access through mobile channels than fixed-line computers in Q2 2011. 62 percent of credit card customers reported using an app to visit a bank’s web site at least once a week, and 52 percent reported checking in with the same frequency via a mobile browser. In comparison, only 34 percent of users responded checking into their accounts with the same frequency from a fixed-line computer.

Frequency in Channel Usage Among Credit Card Customers (Q: You indicated having accessed your primary credit card account in the past 12 months in the following way(s). Please indicate how frequently you access your account using each of these methods.) Q2 2011 Source: comScore Mobile Financial Services Advisor

Channel Usage

Percentage of Respondents

Every Day

Once Per Week

Once Per Month

Visited a local / branch office

11%

27%

31%

Call the bank via phone

5%

10%

17%

Visited bank’s web site via PC

6%

28%

52%

Visited bank’s web site via mobile browser

15%

37%

26%

Visited bank’s web site via app

12%

50%

26%

Clicked on link in text message

26%

46%

13%

‚While mobile channels have not reached the same penetration that traditional online channels have for the use of financial services, it is interesting to note that mobile users access their credit card accounts on a more frequent basis,‚ observed Ms. Lenart. ‚Digitally-savvy customers have begun to use mobile and other connected devices such as tablets to engage in online activities that once used to be limited to the computer and are doing so more frequently because of the portability and convenience offered by these devices. As users continue to incorporate the use of these devices into their everyday lives, financial services institutions can expect to see a more engaged audience grow from their mobile channels.‚

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