Mobile banking adoption growth is expected to accelerate over the next few years, displacing online banking for everyday tasks.
This is according to a new Forrester report that evaluates the current state of mobile banking and shows why mobile moments are the new battleground for banks.
Today, 36% of US and 25% of European Union (EU) consumers are active mobile banking users, up from 13% and 9% in 2011, respectively.
In the US, the most popular mobile banking activities are checking an account balance, at 80% adoption; viewing a recent bank transaction, at 52%; and transferring money between bank accounts at the same firm, at 45%.
In Europe, balance checking, at 78%, followed by viewing or checking a recent bank transaction, at 53%, and receiving an SMS alert, at 40%, are the top three most popular mobile banking activities.
Other findings from the report, which pulls data from recent Forrester surveys of 61 000 consumers in the US and 17 000 in Europe, show that tablet banking use is decreasing in the US, at 17% down from 19% last year, but still growing in Europe, at 13% up from 11% in 2014.
Mobile bill payment is increasingly popular. In the US, 35% of mobile banking users have viewed or received a bill using their device, and 16% of them have added a new bill payee directly on mobile. In Europe, where bill payment is typically more automated than in the US, only 24% of mobile banking users have paid a bill using their device.
Privacy and security concerns still deter some consumers from using mobile banking. In Europe, 32% don’t believe it is safe or secure, and 30% don’t trust banking on a mobile phone.
