According to a June 2010 Nielsen survey, people who use their mobile phone for web-based banking tend to be younger, male and more ethnically diverse than their online banking counterparts. Texting banking is growing in popularity with all ages.
Although this study looked at current mobile banking features, there are more features in the works. Soon smartphone users will be able to photogrpah their bills to pay them.
Those who use SMS texting for mobile banking are the largest group of mobile bankers. SMS is used frequently by all mobile phone owners, as of July 2010, two out of three U.S. mobile subscribers used text messaging.Mobile banking SMS users vary demographically from mobile web users. This group is slightly older than their mobile web banking counterparts, as 48 percent of these users are over the age of 35. With this simple easy-to-use feature, banks allow customers to track balances, set up alerts, and give users immediate control of their finances.
Mobile Banking Demographics:
- 36 percent are between the ages of 25-34, while only 18 percent represent that same age group online.
- Males represent 53 percent of this population versus 43 percent online.
- 30 percent are Hispanic, while this same user group represents only 11 percent of the online banking population.
Mobile banking offers something for every degree of technology adoption and comfort level, from sophisticated, mobile web-based banking services to the quick and simple, SMS texting-based offerings that are driving mobile banking growth.
People who are comfortable using their mobile phones for mobile banking tend to check their mobile bank site twice a week. These customers are already highly engaged and eager for real-time solutions based on their specific needs.