Mobile banking used by half of iPhone users today

September 10th, 2009

A new study by Javelin says mobile banking “is changing how consumers manage their finances today, which in turn will change how consumers pay for goods in the future.” The report, 2009 Mobile-Banking and Smartphone Forecast features five-year forecasts for mobile banking.

* Nearly half of mobile-phone owners currently have access to mobile banking today.
* By 2014, 45% of mobile-phone users will actually use mobile banking.
* 99 million U.S. adults will conduct mobile banking transactions at least once per year by 2014 – with 52% of mobile-phone users relying on smartphones.
* Mobile banking will rival online banking, with the former used as a “remote control” and the latter as a detailed form of control panel for more complex transactions.

“Just as the iPod changed the music industry and their business models, our data shows that iPhone users are changing the banking industry by leading the way in monitoring and managing finances through mobile devices,” said Mark Schwanhausser, Financial Services Channels Analyst.