More smartphones in more hands add up to a looming explosion in mobile banking. That is the vivid conclusion of a new report issued by Intuit Financial Services, the Intuit group that develops products to get credit unions and banks online and mobile.
An important finding in the research is that generations matter when it comes to mobile banking: 18-32 year olds are three times more likely to adopt mobile banking than older users are.
But Intuit spokesperson Tobin Lee stressed Wednesday that the real finding of the report is that all of us, regardless of age, just are increasingly comfortable using mobile devices in many parts of our lives.
“Folks are doing a lot more from the palm of their hands,” said Lee.
Another key Intuit metric: “Nearly one in four Americans currently uses mobile banking, and another 17% plan to try it in 2012,” said Lee.
The survey also found:
64% said that tracking account balances is the most important feature they use while banking online, followed by paying bills (34%) and transferring funds (28%). Meantime, 65% access account info via the Internet, while 28% use a mobile app issued by their financial institution.
Lee insisted in an interview that it is not necessarily either/or – that is, not a choice between mobile banking or online banking.
“People are using multiple devices – it's not just mobile or online. People manage their lives on these devices and they are using many types in many places,” he said. “Institutions have to build this into their strategies.”
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