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BizReport : Mobile Marketing : October 31, 2011

comScore reports huge rise in mobile banking app use

New figures released by comScore show that more and more Americans are embracing mobile banking, particularly via the use of apps.

by Helen Leggatt

The number of Americans using their smartphone or tablet to access personal banking information rose 21% between Q4 2010 and Q2 2011, according to figures released last week by comScore.

Overall almost 33 million Americans used their mobiles for banking, almost 14% of all US mobile users.

The use of mobile banking apps, in particular, showed significant growth rising 45% to 12.7 million users by the end of June 2011.

"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 comScore's vice president for Marketing Solutions, Sarah Lenart.

"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 is also taking off across the pond in the UK. Earlier this year (July) research by mobile web and app specialists Antenna found that approximately 25% of mobile Internet users in the UK now use mobile banking. That research revealed that it is the younger demographics driving the adoption of mobile banking in the UK; 30% of 18-24 year old and 33% of 25-34 year old mobile Internet users compared to 13% of over 55s.

"Mobile banking has now taken hold," said Jim Hemmer, CEO of Antenna. "The public clearly want to fit their banking chores around their lives and not their lives around their banking chores, and using their mobiles, they can.

Tags: Antenna, banking apps, comScore, mobile banking, mobile use, UK, US

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