More and more people are using mobile banking services. In fact, now that 87% of the U.S. population has a mobile phone, half of which are smartphones, the trend will undoubtedly continue its upward trajectory.
According to some estimates, 20% of mobile subscribers use their phone to access mobile banking services, with 80% saying it’s more convenient than an ATM machine.
The most common use (for 90% of mobile banking users) is to check account balances or recent transaction, followed by money transferring between accounts (42%). Only 12% used their phone to make a mobile payment in the past year, though that figure will rise, as well.
By the end of next year, it is expected that 1 in 3 mobile users access online banking. At the moment, people have problems with security issues, even though the services are perfectly safe…
Here’s how all this comes together in an infographic prepare by CreditScore.