In terms of overall adoption, in Q2 2011 36% of financial service account owners (bank, credit card, brokerage, or auto insurance) were using a mobile device (smartphone or tablet) to manage their accounts or conduct financial transactions, according to Compete data. However, looking at the performance of individual financial service sub-industries Compete data indicates that mobile wallet adoption is most prevalent in banking (checking and/or savings), with 54% of bank account owners using their phone or tablet to manage their checking or savings account and make transactions.
The next highest adoption rate in financial services was among credit card owners, with 36% of card owners using their mobile device to manage their account or make transactions. In brokerage, 28% of account owners used investing mobile services and just 17% of auto insurance consumers managed their policy with their mobile device.
Mobile Clickstream Data Shows Similar Results
Looking at mobile clickstream data, Compete uncovered this same pattern across sub-industries where banking and card companies dominate. In June 2011, Bank of America and Chase both saw 1.8 million unique visitors access their mobile websites, making them the highest-trafficked financial services sites on mobile devices.
Capital One and Wells Fargo both saw 1.5 million unique visitors access their sites in June. After these four companies, mobile use dropped significantly among other financial service firms, with the next highest visited site, HSBC, seeing only 500,000 unique visitors in June.
TNS: Mobile Banking Surges Globally
Mobile banking popularity is not limited to the US, according to [pdf] data from TNS which shows global use of mobile finance surged in the past year as the spread of new technology and mobile banking infrastructure drove a huge increase in take-up rates around the world.
In countries as diverse as China, Brazil and Kenya the number of new users of mobile banking soared more than 100% in 12 months, as banks leapfrogged traditional service models and moved directly to mobile. The increases were not restricted to emerging markets alone though: take-up rates also surged in the UK, US, Singapore, South Korea and Sweden, where banks offered customers new services via their mobile handset.
comScore: Mobile FinService Users Grow 54% YOY
As previously reported by MarketingCharts, comScore MobiLens data indicates that in Q4 2010, 29.8 million Americans accessed financial services accounts (bank, credit card, or brokerage) via their mobile device, an increase of 54% from 19.3 million in Q4 2009. In addition, 18.6 million users accessed their financial accounts via mobile browser in Q4 2010, up 58% from 11.8 million the previous year.