Mobile banking jumps 54% in the US

The number of Americans opting to access financial services via their mobile device rose to 29.8m in Q4 2010, representing a 54% year-on-year increase, according to comScore’s latest figures. Of the 29.8m people, more than 10.8m signed-in through mobile banking applications, a 120% year on year increase, while 18.6m users chose to access private banking and brokerage services through their mobile browser, up 58% on 2009. SMS banking services saw the lowest audience increase, up just 35% on 2009’s figures with 8.1m users.

When measuring users’ reluctance to access banking through their mobiles, comScore found that security concerns and a preference for desktop devices were the two key issues for both smartphone and feature phone users. Only 9% of smartphone users cited internet connectivity speed as a problem for mobile banking, compared to 26% of respondents with feature phones.

“More people are turning to the convenience of mobile devices for their financial service needs, fuelled in part by the adoption of smartphones, 3G devices and unlimited data plans,” says comScore VP, Sarah Lenart.

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