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CU System
One in four online households use mobile banking
BROOKFIELD, Wis. (2/29/12)--Here's another sign that credit unions should offer mobile banking options. One in four U.S. online households already use a mobile banking service, and many are moving beyond employing mobile devices for information (such as checking a balance or locating an ATM) and toward making transactions (paying bills and transferring money), says a new study.

Consumers access mobile banking through mobile browsers (60%), downloadable apps (41%) and text messaging (32%), according to The Consumer Trends Survey--conducted on behalf of Brookfield, Wis.-based Fiserv by The Marketing Workshop.

Roughly 40% of mobile banking users surveyed had paid a bill with their mobile phone in 2011, compared with 28% in 2010. About 32% transferred funds with the device last year, up from 25% the year before, said the report.

Other findings:

  • By mid-2012, nearly 40% of households surveyed will own a tablet. Currently 19% already own one, and another 20% expect to buy one. What's more, 37% of households that own one tablet are planning to buy a second one.
  • Forty-five percent of current and future U.S. tablet owners would like to use their tablet to access banking services. They said they want to: View monthly statements, 69%; pay bills, 56%; view real-time account information , 50%; and transfer money between accounts at the same financial institution, 49%.
  • Two out of three people surveyed indicated interest in using a downloadable app from their credit union or bank that would allow them to use their tablet for online banking and bill pay services.
  • Forty percent of mobile phone users surveyed said they would trust their credit union or bank to handle mobile payments, followed by PayPal at 35% and Visa at 33%.
  • In 2011, half of U.S. respondents who opened a money market account did so online--up from 16% in 2010. Of those who applied for a credit card, 42% did so online, compared with 31% in 2010. Similar increases were seen in first mortgages and car loans, said Fiserv.
  • Between January 2010 and July 2011, the number of U.S. online households that banked online rose by 9%. Those that paid bills at company websites rose 11%, and those that paid bills at financial institution websites also rose 11%. Online bill payments accounted for half of all bill payments, while checks accounted for 23% of the payments.
For the full report, entitled "Financial Services Continue the Digital Shift," use the resource link.
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