Mobile Banking Use Surges, Says Report

A new report released today by Internet measurement firm comScore says that the use of mobile banking applications has surged in the past year. comScore reported that in Q4 of 2010, 29.8 million Americans accessed their financial services accounts via a mobile device, a 54 percent increase from Q4 of 2009. Despite some concern for online security, comScore said it found that the adoption of smart phones, 3G devices, and unlimited plans fueled the growth. The biggest growth area looks to be powered by the widespread adoption of mobile applications; comScore's numbers found that there was a 120% growth in accesses to financial services via apps, a growth from only 4.9 million subscribers in Q4 of 2009 to 10.8 million subscribers in Q4 of 2010. Some of the inhibitors to further adoption include security concerns and access speeds.