Mobile banking continues to grow in US

Received best-in-class from Javelin

A third of mobile consumers in the US now use mobile banking, an almost 10% rise on 2011, according to a new report (view press release). Javelin Strategy and Research examined 25 leading U.S. retail financial institutions’ (FIs) mobile banking offerings by comparing features, mobile access, app, web and text banking, and mobile alerts. Of these, about half are offering mobile person-to-person (P2P) transfers and mobile remote deposit capabilities, a figure that has more than doubled since 2011.

The 2012 Mobile Banking Financial Institution Scorecard: Three Keys to Mobile Money Movement Success report includes ratings and comparisons for each FI and over 1200 data points, allowing FIs to benchmark themselves against other FIs. JPMorgan Chase received the Best-in-Class award from Javelin for the second consecutive year, for its P2P transfers, mobile deposit, and near real-time, actionable alerts offerings. Bank of America came in second with USAA third.

The report draws attention to one area of concern that FIs need to address which relates to access to mobile banking services, with the number of consumers reporting problems, tripling from 4% to over 14% in the period 2009 to 2012, suggesting that FIs need to consider mobile device and mode to optimize mobile banking access for their particular customer base.

Executive Vice President and Research Director, Mobile at Javelin, Mary Monahan said: “Mobile access continues to improve, yet year after year more consumers say, ‘My bank offers it, but I can’t access it.’ Considering the multiplicity of devices that consumers use for mobile banking, providing access is a service provider’s headache.”

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