bankofamerica mobilebanking Mobile banking usage increases by 50 percent in US since 2011

 

Mobile banking has boomed over the last year, with usage growing by a whopping 50 percent in the US since 2011, according to a report by business consulting firm Bain & Company.

Mobile banking has boomed over the last year, with usage growing by a whopping 50 percent in the US since 2011, according to a report by business consulting firm Bain & Company.

 
150,000 bank account holders were surveyed in 14 markets throughout the world, revealing the growing importance of banking on mobile devices.
 
Asia is taking the lead in terms of market penetration, with South Korea topping the polls with 47 percent of survey respondents stating that they have used mobile banking in the previous three months.
 
While less people in the US log into their bank accounts from their smartphone, those that do so log in more often than anyone else in the world, with the survey revealing an average of 4.9 mobile transactions in the previous quarter.
 
bankofamerica mobilebanking Mobile banking usage increases by 50 percent in US since 2011
 
The report also found that banking loyalty increased with mobile users in the US compared to other banking models, with larger banks like Citi and JPMorgan Chase gaining the most in loyalty scores. Customers in Asia and developing markets tend to be more loyal to their bank, while wealthier customers in the US and Europe have a substantially lower loyalty rating.
 
When asked about future smartphone and tablet interactions that would be most valuable to customers, 64 percent of respondents said that the ability to check their account balances is important. 41 percent want remote deposit capture, while 26 percent would like to be able to pay their bills from their mobile device.
 
“Mobile banking presents profit-strapped banks with an opportunity to shift routine transactions from high-cost physical channels to much lower-cost digital channels,” said Gerard du Toit, financial services partner at Bain and lead author of the report. “It also presents opportunities for banks to create more 'wow' experiences that use new digital technologies to delight customers and deepen customer loyalty.”
 
Image Credit: Bank of America