Menu
Banking Exchange Magazine Logo
Menu

Mobile banking pushing online aside

Big growth in usage seen in U.S., Europe

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
Mobile banking pushing online aside

Today, 36% of U.S. and 25% of European Union consumers are active mobile banking users, up from 13% and 9% in 2011, respectively, according to research from Forrester.

Mobile banking adoption growth is expected to accelerate over the next few years, displacing online banking for everyday tasks, the analyst says, and shows why mobile moments are the new battleground for banks.

In the U.S., the most popular mobile banking activities are:

• Checking an account balance, at 80% adoption.

• Viewing a recent bank transaction, at 52%.

• Transferring money between bank accounts at the same firm, at 45%.

In Europe the main mobile banking activities are:

• Balance checking, at 78%.

• Viewing or checking a recent bank transaction, at 53%.

• Receiving an SMS alert, at 40%.

Additional survey findings

Other findings from the report, which pulls data from recent Forrester surveys of 61,000 consumers in the U.S. and 17,000 in Europe, include:

Tablet banking use is decreasing in the U.S., 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 U.S., 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 U.S., 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.

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo