3G networks help increase popularity of mobile banking

According to the report from comScore, faster data access through 3G networks, as well as wider adoption of smartphones along with the rapid development of mobile apps have accelerated mobile banking. Users take advantage of various access methods to achieve convenience that is a major appeal of mobile banking. The most popular method among both smartphone and 3G device users, with access through dedicated applications not far behind, was banking on a Web browser.

The biggest difference between the habits of smartphone and 3G users showed up in the popularity of SMS-based mobile banking. Just 25% of smartphone users banked by text message, while 41% of 3G subscribers did.

Nearly one-third (31%) of mobile bankers said their primary point of access was at home, while one-quarter of users accessed services primarily while running errands, and another 15% accessed primarily during their commute. Usage at work or when traveling was lower.

“Financial institutions hoping to capitalize on this quickly emerging consumer banking trend need to be ahead of the curve and understand how consumers are using the mobile channel today and how they would like to use it in the future,” said Marc Trudeau of comScore.