comScore released an analysis of mobile financial services usage in the U.S. showing that 32.5 million Americans accessed mobile banking information on their devices at the end of Q2 2011 in June, representing 13.9 per cent of all mobile users. The study also revealed that 12.7 million mobile users reported using banking apps, showing a notable increase of 45 per cent from Q4 2010.
Mobile Banking and Credit Card Usage See Highest Increases in Visitation
Nearly 14 per cent of the total U.S. mobile audience (32.5 million users) accessed mobile banking services in June 2011, up 21 per cent from Q4 2010. Mobile credit card services saw an even greater increase, with 18.4 million mobile users accessing credit card information, up 23 per cent from December 2010. Mobile auto and property insurance services also exhibited strong gains as 7.2 million mobile users accessed insurance information on their devices, a 19 per cent increase.
| Mobile Financial Services Usage 3 Month Avg. Ending June 2011 vs. December 2010 Total U.S. Mobile Subscribers Ages 13+ |
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| Mobile Financial Services CategoryAccessed in the Past Month | Unique Mobile Audience (000) | ||
| Dec-2010 | Jun-2011 | Percent Change | |
| Banking Information | 26,765 | 32,451 | 21% |
| Credit Card Information | 14,931 | 18,356 | 23% |
| Auto or Property Insurance Information | 6,041 | 7,169 | 19% |
| Brokerage or Stock Information | 8,695 | 9,576 | 10% |
App Usage Increased Significantly for Banking and Credit Card Servicing
With the steady growth in smartphone adoption over the past year, the use of apps to access mobile financial information has grown as well. In particular, mobile banking and credit card app usage have seen sizeable increases. 12.7 million mobile users reported having used a banking app in June (up 45 per cent from Q4 2010), while 6.0 million users used a credit card app (up 43 per cent).
| App and Browser Usage Among Mobile Financial Services Users 3 Month Avg. Ending June 2011 vs. December 2010 Total U.S. Mobile Subscribers Ages 13+ |
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| Mobile Financial Services CategoryAccessed in the Past Month | Unique Mobile Audience (000) | ||
| Dec-2010 | Jun-2011 | Percent Change | |
| Mobile App Usage | |||
| Banking Information | 8,747 | 12,706 | 45% |
| Credit Card Information | 4,187 | 6,003 | 43% |
| Mobile Browser Usage | |||
| Banking Information | 15,439 | 17,561 | 14% |
| Credit Card Information | 8,891 | 10,430 | 17% |
Credit Card Customer Engagement Increases in Frequency through Mobile Channels
An analysis of credit card customers’ engagement with various account channels shows users reporting more frequent access through mobile channels than fixed-line computers in Q2 2011. 62 per cent of credit card customers reported using an app to visit a bank’s web site at least once a week, and 52 per cent reported checking in with the same frequency via a mobile browser. In comparison, only 34 per cent of users responded checking into their accounts with the same frequency from a fixed-line computer.
| Frequency in Channel Usage Among Credit Card Customers (Q: You indicated having accessed your primary credit card account in the past 12 months in the following way(s). Please indicate how frequently you access your account using each of these methods.) Q2 2011 |
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| Channel Usage | Percentage of Respondents | ||
| Every Day | Once Per Week | Once Per Month | |
| Visited a local / branch office | 11% | 27% | 31% |
| Call the bank via phone | 5% | 10% | 17% |
| Visited bank’s web site via PC | 6% | 28% | 52% |
| Visited bank’s web site via mobile browser | 15% | 37% | 26% |
| Visited bank’s web site via app | 12% | 50% | 26% |
| Clicked on link in text message | 26% | 46% | 13% |
“As users continue to incorporate the use of these devices into their everyday lives, financial services institutions can expect to see a more engaged audience grow from their mobile channels,” said Sarah Lenart, comScore vice president for Marketing Solutions.