In a new study from comScore, it was reported that mobile banking is on the rise among European consumers. In fact, 8.5% of mobile subscribers in the top five European markets (United Kingdom, France, Spain, Germany, and Italy) accessed their bank accounts via a mobile phone in March 2011. That’s 20 million mobile users.
It appears that the growth of smartphone use is driving much of the mobile banking growth in Europe. In March 2011, 70% of mobile banking in the European market was done via a smartphone device. In fact, those smartphone users who are banking via their mobile devices have grown by 40% since August 2010. It’s safe to assume this growth is not going to stop anytime soon, particularly since smartphones account for only 35% of the total mobile user population in Europe.
Data security remains a concern for consumers, but clearly, there is a large audience of financial consumers in Europe who are willing to put those concerns aside for the convenience of mobile banking. In addition to accessing bank accounts via mobile devices, consumers also accessed electronic payments and credit cards. France saw the highest penetration of mobile users who accessed bank accounts during March 2011 of the top 5 European markets as follows:
- France = 10.3% penetration
- Spain = 10.2% penetration
- United Kingdom = 8.6% penetration
- Italy = 7.5%
- Germany (the largest smartphone market in Europe) = 6.8% penetration
Another interesting finding in the comScore report tells us that men are two times more likely to use mobile banking than women. Furthermore, the 25-24 year old demographic is most likely to use mobile banking.
What does this data tell financial brand managers? The days of thinking consumers are too afraid of security issues to bank online or via mobile devices is over. It’s time to create the useful and convenient apps and tools that consumers need to make banking on the go easier than ever. Smartphone device and table device targeting should be top priorities for the next year.
What do you think? Is your brand ahead of the curve when it comes to mobile brand marketing or behind? Leave a comment and share your thoughts.