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2010 Mobile Banking Behaviors: Fewer Handsets in the U.S., yet Smartphone Growth Exceeds Expectations
Javelin Strategy & Research, June 2010, Pages: 39
The number of U.S. adults who own mobile phones dropped markedly in 2010, falling to 74%, down from 85% in 2009. However, smartphone sales bucked the trend. About 20% of all U.S. adults now tote a smartphone, as do 27% of mobile phone owners. With about one in five consumers now using mobile banking, financial institutions must understand the mobile marketplace and deploy mobile-banking platforms to serve customers who increasingly are choosing banks based on their mobile-banking capabilities. Because only 18 of the top 40 U.S. banks now offer mobile banking, the time has come for financial institutions (FIs) to develop, improve upon, and deploy effective mobile-banking strategies and solutions. Javelin’s “triple play” approach provides actionable steps that financial institutions can follow to increase mobile-banking adoption and capitalize on the growing smartphone, “mobile-banking friendly” segment.
Javelin analyzes the demographics and behaviors of mobile-banking customers, mobile banking and smartphone adoption rates, mobile device offerings, carrier and model penetration, along with survey data that describes what consumers want and how they bank via mobile device. This report identifies key consumer segments to target, the most effective approach for reaching customers, and the features consumers are using and are most likely to use in the future.
Primary Questions
- What does the mobile marketplace look like?
- What are the current adoption rates for mobile penetration, mobile banking, and both smartphone and feature phones?
- How does security factor into mobile banking?
- What do typical mobile bankers look like, and how do they behave?
- What is the best method to reach consumers on their mobile devices?
- How do different smartphones and their owners compare?
- Which smartphones are most used for mobile banking?
- Which carriers have the largest market share?
- What features and mobile capabilities do consumers desire?
- How should FIs prepare for the future of mobile banking?
Methodology
This report is based mainly on data collected online from a random-sample panel of 5,211 households in March 2010. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.36% at the 95% confidence level. This report is also based on data collected online from a random-sample panel of 3,000 respondents with mobile phones in July 2009, with an overall margin of sampling error of ±1.79 percentage points at the 95% confidence level. This report is also based on data collected online from a random-sample panel of 2,779 respondents in April 2009, with an overall margin of sampling error of ±1.86 percentage points at the 95% confidence level. The majority of Javelin data for online banking financial alerts is based on “online households” vs. “individual consumers.” This is a typical way of presenting online banking data because account management is typically collected on a per-household basis. In 2009, the U.S. population was estimated to comprise 307 million people.1 That includes 232 million adults, 118 million households, and 87 million households that are online. On average, there are about 2.6 people per household. Javelin also collects online-banking data using a base of all consumers for comparison purposes.
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