A survey by comScore says that 12.7 million mobile users reported using a mobile banking app at the end of the end of June 2011, a 45 percent increase from Q4 2010. Although not as steep, there was also a significant increase of 21 percent in the number of US users who access banking information on their mobile phones.  This figure has grown to 32.5 million (end-June 2011) which is equivalent to 14 percent of the country’s total population. Another figure revealed by comScore is that mobile credit cards are seeing greater take-up with 18.4 million users accessing card information in this way, increase of 23 per cent at the end of last year.

Among the factors responsible for the growth are the investment by financial institutions in new apps and mobile-enhanced sites. Greater smartphone and tablet adoption have also contributed to growing popularity for mobile financial services. But greater usage has brought increased scrutiny from users. Bank of America recently found itself the centre of a wave of angry users when it launched an Android app update that users felt breached their privacy.