eMarketer: Smartphone users prefer online banking to mobile banking

Security issues hinder the popularity of mobile banking

As Americans gradually turn to digital banking to manage their personal finances, banks are shifting more resources to developing this channel. The demand for face-to-face customer service has gradually decreased, and some banks have closed service points. But as users' online payment preferences change, banks must determine the allocation of resources, including digital resources.

In June 2013, a survey by research and consulting firm Celent pointed out that bank websites are the preferred way for people, especially those with smartphones, to manage their finances. The survey showed that 42% of smartphone owners in the United States rely on bank websites for financial management, while only 27% of non-smartphone users use bank websites for financial management.

While some of the factors that hinder the adoption of mobile banking are beyond the control of banks, there is still an opportunity to promote the adoption of mobile banking by increasing user awareness and engagement. 14% of smartphone users said that no one has used mobile banking because they are unsure whether the bank provides the service, while another 8% of users do not use the service because no one asked them to sign up.