Rapid Growth in Mobile Banking

Rapid Growth in Mobile Banking

One-third of mobile consumers use smartphones or tablets for banking, up from 24 percent in 2011, according to a new report from Javelin Strategy & Research.

To meet this demand, more than two-thirds of financial institutions now offer mobile banking through the mobile web, downloadable app, and texts which can be accessed via smartphones, tablets and feature phones. The report found that mobile app banking has increased during each of the past three years, while mobile web banking has dropped.

Half of the top 25 financial institutions in the United States are offering mobile person-to-person transfers and remote deposits.

The report shows that access to mobile banking services continues to be a problem for many consumers. Nearly 14 percent of customers reported problems in this area, more than triple the 4 percent reported in 2009. The report recommends that financial institutions widen their access to meet the variety of devices that its customers use.

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John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.