Based on a recent survey by Compass Intelligence, an estimated 7.2 percent of mobile phone users that are 18 or older and employed use mobile banking. These findings are based on a recent web-based survey with an opt-in panel of 20,000 consumers and business decision-makers.

“The growth in smart phone adoption is expected to be a leading factor in the future adoption of mobile banking,” states Stephanie Atkinson, Managing Partner of Compass Intelligence. As consumers and business users continue to adopt smart phones, mobile banking becomes easier and more user-friendly to perform because these new smart phones entering into the market look and feel very similar to computers.

Adoption does tend to be higher, however, among certain subgroups including young adults (age 18-24) and frequent travelers (those that travel 5 times or more per month). As age increases, or frequency of travel decreases, adoption rates decline. Male users are also somewhat more likely to adopt mobile banking services. Adoption rates increase as size of business increases, with enterprises having the highest adoption rate (7.7%). Usage of mobile banking is also highest in the finance industry, as might be expected, and lowest among utilities professionals.

Highlights of the survey are displayed below:

• Smart phone users are a key factor influencing the use of mobile banking. 20.5% of smart phone users currently use mobile banking, while only 2.7% of basic cell phone users use mobile banking.
• Younger users are much more likely to use mobile banking.
• Men are more likely than women to use mobile banking.
• Finance, Health care and Transportation & Distribution industrial verticals have higher than average percentage of mobile banking users.
• Push-to-talk service users are more likely to use mobile banking than average mobile phone users.