Study: Consumer trends favor m-banking takeoff

U.S. messaging and content delivery services provider Sybase 365 reports more than a third of U.S. consumers can state their bank balance at any given time, and an additional 42 percent can calculate their current balance total to the nearest $200--both signs Sybase says point to a bright future for mobile banking services. A July 2007 Sybase 365 survey, "Mobile Opportunities for the Financial Sector," indicates U.S. consumers are particularly obsessed with their finances, checking bank balances more frequently than other regions of the Americas--61 percent of Americans admit to checking their bank balance at least every few days, and 29 percent require daily updates. Sybase said only 3 percent of U.S. consumers are ignorant of their present bank balance at any given time.

While 76 percent of U.S. consumers use Internet banking to check their bank balance, the country relies more on traditional paper statements than other regions, with nearly a quarter of consumers dependent on receiving bank statements by mail. Although 57 percent of Americans believe Internet banking services are secure, only 24 percent believe in the security of mobile banking--for that matter, 59 percent of U.S. consumers do not even know if their bank offers mobile banking services.

"Online banking is currently the number one way consumers check their account, but it didn't become mainstream overnight. Mobile banking is well on its way to gaining the same widespread popularity among consumers," said Marty Beard, Sybase 365 president. "Consumers are already dependent on having many conveniences at their fingertips, and eventually that will expand to include banking abilities. Financial institutions will soon have to meet consumer demands and market mobile offerings to remain competitive."

For more on the Sybase 365 study:
- read this release

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