Growth in Mobile Banking to Come From Consumers Who Plan to Buy a Smartphone or Tablet in the Next Six Months

New study from Chadwick Martin Bailey and iModerate Research Technologies shows 39% of those who plan to buy a smartphone or tablet in the next six months are also highly likely to begin mobile banking.

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The real opportunity for mobile banking growth is in the 14% of consumers who are planning to buy a smartphone or tablet in the next six months.

Boston, MA (PRWEB) June 23, 2011

A recent study of over 1,400 U.S. consumers conducted by Chadwick Martin Bailey and iModerate Research Technologies found that 45% of US consumers own a smartphone or tablet. Of that group, 52% currently conduct some form of mobile banking. However, the real growth in the mobile banking market will come from those who don’t yet own smartphone or tablet. The study shows 39% of those who plan to buy a smartphone or tablet in the next six months are highly likely to use their smartphone or tablet for mobile banking. By contrast, only 6% who already own a smartphone or tablet, but don’t mobile bank say they are highly likely to start in the next six months.

“I think what we’re seeing is that mobile banking among current smartphone owners has plateaued,” says Jim Garrity, vice president of Chadwick Martin Bailey’s Financial Services practice. “For all intents and purposes, those folks have already made a decision about whether or not they want to participate in mobile banking. The real opportunity is in the 14% of consumers who are planning to buy a smartphone or tablet in the next six months, because among that group many say they are highly likely to participate in mobile banking.”

For many it’s simply the convenience of being able to have access to account information and transfer funds from anywhere. For others, security concerns outweigh any convenience mobile banking has to offer. Qualitatively, a few consumers said:

“I always have my phone with me and prefer to take care of things when I think about them…I can check on things more frequently and move money around...” -Female, age 18-24

“When away from my desktop it allows me to check my credit card balances. That’s mainly what I use it for…it helps me stay on track for budgeting.” –Male, age 25-29

“If my phone gets lost or stolen I don't want that information to be easily accessible if my log-in information is saved…it seems easy to access and find out my financial information.” Female, 25-29

The study also indicates that consumers are becoming more comfortable with using smartphones to make purchases. The research shows 45% of smartphone owners have made a purchase using their smartphone over the last year. And when it comes to paying for those purchases only 49% use their credit card, while over 40% used either a debit card or PayPal. There were also some gender differences. Men are more likely to use PayPal, while women are more likely to use a debit card.

About This Research
This study was done as part of Chadwick Martin Bailey’s self-funded CMB Consumer Pulse program. An executive summary report with additional findings from this study is available as a free download from Chadwick Martin Bailey. Data was collected from 1,461 adults (aged 18 and over) via a nationally representative online survey questionnaire within the United States by Chadwick Martin Bailey in May of 2011. In addition, iModerate Research Technologies conducted online, one-on-one conversations to more fully contextualize respondents’ thoughts and behaviors regarding mobile banking.

About Chadwick Martin Bailey
Chadwick Martin Bailey is a Boston-based custom market research firm who works with many of the most successful companies and best known brands in the world to help them acquire, maintain, and grow their customer base. Founded in 1984 by John Martin and Anne Bailey Berman, the company has corporate headquarters in Boston, Massachusetts, serving clients in more than 30 countries around the globe. Chadwick Martin Bailey focuses on using leading-edge research techniques to collect and translate the data into simple, business decision-focused deliverables. http://www.cmbinfo.com

About iModerate Research Technologies
iModerate Research Technologies listens, connects and digs deeper with consumers online to provide the research story organizations need to win in the marketplace. Years of research and development by veteran field experts, as well as analytical specialists, produced the concept, methodology and software that have allowed iModerate to help Fortune 500 companies, large and boutique research firms and prominent organizations strengthen their research results. Focused on providing customized qualitative solutions, iModerate is broadening online research capabilities by delivering essential qualitative insight. iModerate is based in Denver, Colorado. For more information please visit http://www.imoderate.com

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