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Mobile Banking Adoption Rate Leveling Out

Mobile Commerce Insider Featured Article

April 21, 2015

Mobile Banking Adoption Rate Leveling Out

By Oliver VanDervoort
Contributing Writer

More and more banks are adopting mobile banking, despite the fact that the service is having a problem finding traction. A new study from RateWatch did find one piece of good news when it comes to digital and mobile banking: once people start using mobile banking, they tend to do it more often.

Among the things that RateWatch took a look at in a new report is how financial institutions are using and offering mobile banking services. The report also looked at how customers from as far as Africa and as near as Tulsa, Oklahoma are using these mobile banking services. The report focuses on a two-day survey that took place at the end of January and talked to more than 700 people aged 18 and older.

Among the information the survey returned is that while the number of people who use mobile banking grew by just two percent over the last two years, those who are using mobile banking at least once a week grew from 37 percent to 45 percent over those two years. That’s good news for an industry that is seeing more than 81 percent of financial institutions around the globe offering mobile banking.

The problem is still finding a way to decrease the number of people, still sitting at 36 percent who say they don’t use mobile banking at all.

In terms of the demographics using mobile banking, only 3.9 percent of those with a graduate degree say they never use mobile banking.

The report also says that younger people are more likely to use mobile banking. People aged 18-29 were more likely than anyone else to use digital banking. Those over the age of 45 were the least likely to turn to mobile banking. The bottom line of the report was that safety concerns are still the biggest issue when it comes to mobile banking. If the industry can do something to alleviate those concerns, the service will become infinitely more popular. 

Edited by Dominick Sorrentino

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