FARMERS BRANCH, Texas, and DULUTH, Ga. (7/23/13)--Mobile banking adoption continues to surge, according to surveys in four states by two credit union leagues.
About 60% of respondents in Arkansas, Oklahoma and Texas used mobile banking in a survey conducted by the Cornerstone Credit Union League (The Leaguer July 22). About 57% said they use mobile banking weekly; 22% said they engage in daily usage and 21% use mobile banking at least monthly.
The league's survey suggests consumers' view is that mobile banking is becoming a necessity rather than a luxury. About 44% of respondents to the survey indicate the availability of mobile banking influences their choice of financial institutions. Roughly 33% of survey respondents said their financial institution doesn't offer the service.
Those who used mobile banking indicated they used three functions: Checking account balances (95%), followed by making payments (40%), and making deposits (15%).
Of those who do not use mobile banking, 39% said they do not see the need, 33% are concerned about security, and 11% said the technology is too complicated. In addition, 22% indicated their phone does not support the technology.
In another survey, in Georgia, more than 49% of respondents to the Georgia Credit Union Affiliates (GCUA) Midyear 2013 Consumer Survey report said they use mobile banking (Consider This July 2013), said GCUA. This is an 18% increase from year-end 2011
Mobile banking also is on the rise nationally. About 28% of all mobile phone users and 48% of smartphone users have used mobile banking in the past 12 months, according to a November 2012 survey by the Federal Reserve Board. Those figures represent increases of seven percentage points and six percentage points, respectively, since December 2011. The Federal Reserve Board also reports that 49% of underbanked consumers report using mobile banking in the past 12 months.