Compass Intelligence: 7.2% of all mobile users use mobile banking

According to the recent web-based survey of 20,000 consumers and business decision-makers conducted by Compass Intelligence, an estimated 7.2% of mobile phone users that are 18 or older and employed use mobile banking.

“The growth in smartphone adoption is expected to be a leading factor in the future adoption of mobile banking,” states Stephanie Atkinson, Managing Partner of Compass Intelligence. Apparently, 20.5% of smartphone users currently use mobile banking while only 2.7% of basic cellphone users use mobile banking. On the other hand, mobile banking needs to become easier and more user-friendly to reach mass market adoption.

Compass’ findings indicate that as age increases, or frequency of travel decreases among the users, adoption rates decline. Male users and those that use push-to-talk services are also somewhat more likely to adopt mobile banking services.

In addition, adoption rates increase as size of business increases, with enterprises having the highest adoption rate of 7.7%. Naturally, usage of mobile banking is also highest in the finance industry and is followed by health care and transportation & distribution. Utilities professionals are the very bottom of mobile banking usage, though…