Mobile Device Boom Led to 74,000 New Mobile Bankers per Day in 2013

The year 2013 saw an enormous influx of consumers flocking to mobile banking, with 74,000 new users joining mobile banking each day. Javelin Strategy & Research has released Mobile Banking, Tablet and Smartphone Forecast 2013-2018: Smart Device Adoption Drives Mobile Banking Boom, which outlines a five-year forecast of mobile banking and mobile phone and tablet adoption factoring for key drivers and potential roadblocks. In addition, the report discusses strategies for banks and credit unions to thrive as mobile banking institutions.

Among mobile bankers, 17%-18% use their phones to check balances and review recent transactions over 20 times a month. The rate of Generation Y (18-34) mobile bankers that check their balances and transactions over 20 times a month is twice that of Baby Boomers (48-68). Given this high level of interaction, financial institutions (FIs) can drive the popularity of mobile banking further by not always requiring logins to view these types of transactions, as a few innovative banks are already doing. In addition to removing friction for popular features, FIs should encourage consumers to try less used features like mobile P2P or bank bill pay.

“Despite the current and projected growth in the mobile banking arena, financial institutions must remain on top of the rapidly evolving needs of their customers. Further work needs to be done to increase the ease of use of mobile banking and widen the feature set –as only about half of tech savvy consumers strongly believe that their mobile banking app gives them access to all their banking needs,” said Mary Monahan, Executive Vice President and Research Director of Mobile at Javelin Strategy & Research.

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