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Mobile Banking’s Rapid Ascent Continues

by on November 8, 2011

It shouldn’t be very surprising that the use of mobile banking and credit card management apps are on the rise.  With the increase in smart phone numbers and the ease of mobile apps, the increase was bound to happen.  A total of 12.7 million mobile users now report using a mobile banking app.

Credit cards aren’t far behind.  Around 6 million mobile users say they use an app to manage their credit card accounts.  In addition to apps, browsers are also being employed by smart phone users to help them keep track of their banking tasks.  Almost 17.6 million smart phone users opened their browsers for banking purposes in June 2011 alone.

Overall, mobile users are readily adopting this platform for their personal use.  Whether they use a smart phone or a tablet, about 36% of all financial account (bank, credit card, brokerage, etc.) holders are conducting their banking business via a mobile device with even higher rates for managing checking and savings accounts.

Credit card holders are also on board with banking by app.  They also rate about 36% overall use via mobile devices.  In caparison, only about 27% of credit card account holders are going to a bank branch on even a weekly basis.

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