A MacroMonitor analysis of banking activity during the past few years indicates the steady growth of mobile financial services is rearranging the transaction choices made by most households.
Same as the widespread adoption credit cards affected the use of cash and checks, mobile banking is already affecting the use of credits cards in the financial services space, including mortgages.
MacroMonitor Market Trends, a strategic business insights report from the Consumer Financial Decisions group, indicates smartphone use for financial services more than doubled from 15% in 2010 to 39% in 2012.
The rapid increase “makes the rate of mobile-device adoption similar to
According to MacroMonitor, national statistics also show that the number of households that own mobile devices such as smartphones and tablets with internet access has increased from 48 million in 2010 to over 66 million in 2012.
The adoption of mobile banking correlates with declines in the use of one or more previously used transaction options same as, for example, “the increase in debit-card use correlates with declines in the use of credit cards and retail-store charge cards,” analysts note.
Although households differ most will continue to make about the same number of transactions each month, notes the report. What is gradually changing is the speed borrowers are replacing card transactions with their new mobile payment methods of choice.
