Mobile Banking a Growing Addiction for Americans

The survey found 46 percent of Americans are more likely to conduct mobile banking, thanks largely to larger mobile devices, widely referred to as phablets.

mobile banking and smartphones

More than half (55 percent) of Americans say mobile banking is a habitual part of their lifestyle, according to a survey of 1,005 U.S. consumers conducted by Carlisle & Gallagher Consulting Group.

Checking account balances, transferring funds and paying bills are the most frequently- conducted banking activities across mobile devices.

The survey found 46 percent of Americans are more likely to conduct mobile banking due to larger mobile devices, widely referred to as phablets. Phablet use for banking is expected to grow by more than 100 percent.

"Tablets getting smaller and smartphones getting larger is an unmistakable trend of the last two years," Byl Cameron, from Carlisle & Gallagher Consulting Group, told eWEEK. "People who favor larger smartphones also are the habitual users who are logging on four or more times per week. With a larger screen, banks can offer features that were undesirable on a smartphone, as well as do more effective sales and marketing."

One in six U.S. consumers said they believe mobile banking is an important reason to buy a large- screen mobile device.

Consumers with three devices said they interchangeably use their laptops, tablets, and smartphones for the most frequent mobile banking activities, such as checking balances.

For transferring funds, 89 percent use laptops, 81 percent use tablets, and 82 percent used smartphones.

Laptops were also the most common device used to pay bills (92 percent), followed by tablets (86 percent) and smartphones (81 percent).

"Mobile banking brings out the OCD in all of us. The main driver is the ease of use that mobile provides users,” Cameron said. “Because users have their device within reach at almost all times, consumers are taking these mobile moments to check their balance.”

All survey respondents said they expect to buy more mobile devices by 2016, with 84 percent planning to purchase a smartphone, 26 percent a laptop, 25 percent a tablet, and 14 percent a phablet.

Specifically for banking, 81 percent said they expect to use a laptop in 2016, 62 percent a smartphone, 44 percent a tablet, and 11 percent a phablet.

"Users are looking for greater parity of features and functions that can be accessed from any device that they are using at any point in time,” Cameron said.