Multi-tasking and smartphones go hand in hand, so it's no surprise that statistics show individuals who access bank account information via an iPhone or Blackberry is on the rise. With the advent of the smartphone transitioning from a slick gadget to an essential business tool, users are upgrading their bank account access as well. Armed with unlimited data plans and constant internet access, tech savvy consumers are embracing mobile banking to check bank account balances and monitor assets.
Major Banks Embrace Smartphone Access
In an increased effort to attract and retain customers on the go, many banks have developed custom mobile applications. The "Big Four" banks like Bank of America, Wells Fargo and Chase have apps specifically designed for clients who log in via mobile devices. The efforts seem to be paying off, given the thousands of busy account holders migrating to mobile banking. While mobile access hasn't yet become mainstream, the niche of business professionals and on the go users seem to be embracing it wholeheartedly.
Survey Shows Big Upswing In Mobile Users
A recent survey adds some concrete stats to backup the mobile banking surge, moving it from a recent fad to a trend that indicates longevity. Mobile banking use has surged over 50% in some demographics, according to a survey by ComScore, Inc. The survey counts unduplicated account access via SMS (texting), mobile web browser or custom mobile banking application. Among the users surveyed, over half stated they prefer accessing financial account data via mobile device. A full third of those surveyed indicated mobile access is the primary way they monitor bank accounts. Even more staggering, over ten million users reportedly added mobile banking to their smartphone cache.
Drawbacks Of Mobile Banking
Mobile banking still has a long way to go in resolving more complex issues for customers. Users would be hard pressed to complete in-depth financial tasks via a mobile phone, and many still prefer more traditional forms of bank account monitoring. ComScore's survey indicated consumers who don't prefer mobile banking focused on personal preference and perception of security as the top detractors. The majority of those who shun mobile banking do so out of preference for access via a fixed device (ie, a home computer). Presumably, many of these respondents have learned the value of a full sized keyboard for entering complex financial transactions versus the miniscule buttons found on some smartphones.
A third of those surveyed indicated the perceived security issues with mobile banking made them less inclined to use the service. Security concerns remain one of the top obstacles facing these newer forms of banking technology.