Mobile banking grown is steadily rising the number of transactions is expected to rise from 2.7 billion in 2007 to 37 billion by 2011, According to Bank of America , due to the mobile banking benefit , it signed up 224,000 new users during the quarter to bring it active mobile banking base to 840,000. Assuming the 75,000/mo pace continues through second quarter, the bank should be over 900,000 now and will surpass 1 million in the next few weeks. Although it’s a nice milestone, it’s only 4% of the bank’s 23+million active online banking users (here). Given that mobile is pushed frequently in the bank’s online banking area, one could argue that 4% adoption is pretty anemic. But according to M:Metrics, less than 14% of U.S. mobile phone users accessed info via the mobile web in February. So 4% of a 14% universe is much more impressive, indicating the bank has tapped almost 1/3 of the short-term potential for mobile web-based services…a good start.
To really goose adoption, text-based solutions may need more emphasis (see Chase screenshot below). According to M:Metrics, U.S. text users outnumbered mobile web users almost 4 to 1 in February, 110 million to 30 million.
