Study: Use of Mobile Banking Channel Exploding
New numbers released by Providence, R.I.-based Andera highlight dramatic increases in use of mobile banking channels over the past 30 months.
Andera, a financial software company that provides many credit unions with online account opening technologies, noted that while mobile has primarily been used for simple tasks such as balance checking, “that is changing,” per Andera founder Charles Kroll.
The implication is that as comfort levels have grown, consumers have increasingly shown a willingness to perform tasks such as bill pay on mobile devices.
Perhaps the more compelling takeaway however is the explosion in usage documented by Andera.
"In the two years since we began tracking and analyzing the sources of visits to our company's platforms, we have seen a 70.3% growth in total number of online visits. But within that total number of online visits, the portion that comes from mobile phones and tablet devices has grown dramatically - by 269%," explained Kroll, the company’s president.
Drawing on data from its 15 largest clients, Andera said that for the period ending June 30, 2010 2.59% of traffic originated with smart phones. For the period ending June 30, 2011, 4.15% of traffic originated with mobile devices. That puts the rate of growth between June 2010 and June 2011 at 60.2%.
The growth got still bigger in the most recent year, said Andera, which reported that for the period ending June 30, 2012: 9.55% of traffic originated with mobile devices. That makes the growth rate between June 2011 and June 2012 130%.
Kroll concluded: “The message to banks and credit unions is unmistakable: Your customers will be expecting you to deliver through this channel. Build that capability now, before they look elsewhere.”