Mobile banking adoption among U.S. consumers has nearly doubled in the past 18 months, driven by the attractive convenience of basic, everyday functionality, according to a new report from Forrester Research.
The think firm's latest North American Technographics Payments and Financial Products Survey of 4,576 online adults found that 11% are now mobile bankers. That compares with 6% in early 2008 and 7% in early 2009, according to analyst Emmett Higdon.
The survey found that 19% of online consumers are "interested" or "very interested" in branch and ATM locations, while 16% said the same for text alerts and account viewing. Bill pay attracted that response from 13% of the respondents while funds transfer and mobile check deposits using a camera or mobile application attracted 12% each.
Credit unions who want to build their mobile usage should stress the basics, Higdon said.
"Those who don't use mobile financial services point to mobile functionality basics such as balance updates, alerts and money transfers as compelling reasons to try," he said. He also said that three groups in particular-smartphone users, young people and Hispanic consumers-"show well-above-average interest in such functionality."
The survey also found that mobile banking adoption is rising much faster than interacting with insurers or investment accounts by mobile device. Only 7% of those with investment accounts are mobile investors, Forrester said, and only 3% of online adults have interacted with their insurance company via mobile device in the past three months.