A big boom in the mobile banking app market this year means more consumers are comfortable with logging online to check their stocks and statements. However, ambivalence among smartphone users toward cyber security and malware could spell disaster.
Analyst comScore revealed more than 32 million Americans were mobile bankers this year. Some 12.7 million went one step further and downloaded a banking application. Credit card apps were favored. The segment saw a 43 percent jump over its performance last year; 6 million people downloaded them in 2011.
Banking and credit card information were the top two categories for mobile financiers.
"New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices," said Sarah Lenart, comScore vice president for Marketing Solutions. "With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access."
And that's where mobile users' considerable disinterest in online security could lead to trouble.
Last month, market research company The NPD Group found that the majority of polled Android and iOS users were unconcerned or just ignorant about smartphone security. iPhone users in particular were more worried about losing their device than seeing it hacked or hit by malware.
"Consumers are both unaware of security for their phones and reluctant to pay for it when they are aware," said Stephen Baker, vice president of industry analysis at NPD. "While smartphone owners are worried about security threats, they are also thoroughly confused about what to do about them."
Overall, just 2 out of 10 smartphone owners have downloaded anti-virus or other security software said the NPD. Not a good sign considering the recent boom in mobile banking.
It's unclear if there's considerable overlap between those who don't protect their mobile platforms and those who check their finances on-the-go. But if you're smart enough to download and use a banking app, installing security software should be simple. Right?
Do you use mobile banking apps on your tablet or smartphone? Let us know in the comment section.
