Usage of mobile banking and credit card applications by US subscribers grew sharply between Dec 2010 and June 2011, according to comScore MobiLens data released in October 2011. A total of 12.7 million mobile users reported using a banking app in June 2011, a 45% increase from 8.7 million six months earlier.
In addition, 6 million mobile users reported using a credit card app in June, up 43% from about 4.2 million in December.
Mobile browser usage for banking and credit card purposes showed smaller growth. About 10.4 million mobile users employed their browser to obtain credit card information in June, a 17% increase from about 8.9 million in December. And almost 17.6 million mobile users accessed banking information via browser in June, up 14% from 15.4 million six months prior.
Mobile Banking and Credit Card Usage See Highest Increases in Visitation
Nearly 14% of the total US mobile audience (32.5 million users) accessed mobile banking services in June 2011, up 21% from about 26.8 million in Q4 2010. Mobile credit card services saw an even greater increase, with 18.4 million mobile users accessing credit card information, up 23% from 14.9 million in 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% increase from 6 million. Brokerage/stock information saw a smaller but still healthy boost of 10%, with 9.6 million mobile users accessing compared to 8.7 million six months earlier.
Mobile Credit Card Engagement Up
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. About six in 10 (62%) of credit card customers reported using an app to visit a bank’s web site at least once a week, and 52% reported checking in with the same frequency via a mobile browser.
In comparison, only 34% of users responded checking into their accounts with the same frequency from a fixed-line computer. Meanwhile, good old-fashioned in-person visits are lagging behind electronic interactions. Only 27% of credit card customers visited a local or branch office once per week, and 11% did so once per day.
Compete: Banking Leads Mobile Financial Activites
In terms of overall adoption, in Q2 2011 36% of financial service account owners (bank, credit card, brokerage, or auto insurance) were using a mobile device (smartphone or tablet) to manage their accounts or conduct financial transactions, according to Compete data. However, looking at the performance of individual financial service sub-industries Compete data indicates that mobile wallet adoption is most prevalent in banking (checking and/or savings), with 54% of bank account owners using their phone or tablet to manage their checking or savings account and make transactions.
The next highest adoption rate in financial services was among credit card owners, with 36% of card owners using their mobile device to manage their account or make transactions. In brokerage, 28% of account owners used investing mobile services and just 17% of auto insurance consumers managed their policy with their mobile device.