The Mobile Series l Infographic
Author: Caroline Cakebread
What Does Growth Look Like?
This year, 115.6 million mobile phone users in the US will bank on mobile at least once per month, according to eMarketer estimates.
Growth, however, will slow through the end of the forecasting period—from 6.6% by the end of 2018 to just 3% in 2022.
“Growth is slowing because mobile banking has reached near saturation among younger consumers,” said eMarketer forecasting analyst Cindy Liu. “While penetration is still very low with older individuals, they are just not interested in mobile banking for numerous reasons.”
This week, we’re looking at mobile habits—how consumers shop, how they send money and other ways they transact via mobile. Previously, we looked at their mobile couponand mobile P2P behaviors. Next up: mobile banking.
Why Is Growth Slowing Down?
Privacy and security are among the key factors driving decelerated mobile banking growth.
Mass data breaches from companies like Equifax, JPMorgan Chase, and most recently Marriott, have made consumers—especially older consumers, even more hesitant to trust anyone with their financial information.
Limited functionality with mobile banking is another factor.