Smartphone Adoption: Changing the Banking Landscape

Smartphone adoption has rapidly increased over the past few years, changing the way Americans access the Internet, applications and interact with other mobile users. A recent Nielsen Company report showed that nearly one-third of U.S. mobile subscribers now own a smartphone, and when consumers are given the choice of buying a smartphone vs. a standard feature phone, 41 percent chose a smartphone.

As more consumers take their day-to-day life on the go, businesses in the U.S. and abroad are looking for ways to stay connected with customers 24/7. The banking industry is no exception, and mobile adoption is changing the way Americans manage their finances.

The Worcester Business Journal recently reported that:

“More than 13 percent of households accessed their bank account via a mobile device in the second quarter, according to a report from The Nielsen Co. That’s up from 11.6 percent during the first quarter. Meanwhile, the adoption rate of mobile phones continues to climb. All that adds up to a need for change in the banking industry, said Deborah Sumner, vice president and financial services practice lead for The Nielsen Co.”

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Written by Staff