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Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears Product Image

Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears

  • Published: July 2011
  • 15 Pages
  • Javelin Strategy & Research

FEATURED COMPANIES

  • Apple
  • Chase
  • Fifth Third Bank
  • IBM
  • PNC
  • SunTrust
  • MORE

Mobile banking adoption has stagnated despite explosive growth in smartphone adoption from 2009 to 2011. In 2009, one in four smartphone owners considered mobile banking unsafe. One year later, 40% of smartphone owners felt the same way. As financial institutions push forward, offering innovative and convenient financial options to a new mobile generation, consumers are left questioning whether security was sacrificed in the rush toward innovation. In the context of the recent infiltration of malware into the Android Market, it is imperative that FIs reassure consumers that mobile security is a priority.

Primary Questions

- What is the rate of smartphone adoption?

- What is the growth rate of mobile banking and purchasing?

- What are some factors that are inhibiting the adoption of mobile financial activities?

- How can FIs encourage mobile financial activity?

Methodology

For this report, Javelin gathered data from three different surveys administered in 2010 - 2011. Each survey collected data from a base of 3,000 to 5,000 consumers, representative of the general U.S. population. They were interviewed on a range of topics including, READ MORE >

- Overview
- Methodology
- Executive Summary and Recommendations
- Smartphone Adoption
- Stagnation of Mobile Financial Activities
- Security Concerns with Mobile Banking

What is a Killer App?

- Consumers Prefer Mobile Optimized Browser Sites
- Companies Mentioned

Table of Figures

- Figure 1: Smartphone Ownership, 2009 - 2011
- Figure 2: Consumers Who Have Mobile Banked in the Past 90 Days by Primary Bank
- Figure 3: Mobile Banking Use by Smartphone Users, 2010 - 2011
- Figure 4: Purchases Made via Mobile Devices by Smartphone Users, 2009 - 2010
- Figure 5: Smartphone Owners' Perception of Mobile Banking Safety, 2009 - 2010
- Figure 6: Smartphone Owners' Perception of Mobile Banking Channels, 2009 - 2010

- Apple
- Bank of America
- BB&T Bank
- Chase
- Citibank
- Citizens
- Fifth Third Bank
- Google
- HSBC
- IBM
- Key Bank
- Microsoft
- PNC
- Regions
- RIM
- SunTrust
- TD Bank
- US Bank
- USAA
- Wachovia
- Wells Fargo

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