Number of U.S. Mobile Financial Account Users Surges 54 Percent to 30 Million in Past Year

People Accessing Financial Accounts via Mobile Apps Doubles during Same Timeframe

RESTON, VA, March 23, 2011 - Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released the latest insights on the state of the mobile financial services market from its quarterly Mobile Financial Advisor report. The report found that in Q4 2010, 29.8 million Americans accessed financial services accounts (bank, credit card, or brokerage) via their mobile device, an increase of 54 percent from Q4 2009. The report also analyzed the reasons inhibiting consumers from accessing financial accounts via mobile devices, finding that preference for online access and security concerns topped the list for both smartphone and feature phone users.

“More people are turning to the convenience of mobile devices for their financial service needs, fueled in part by the adoption of smartphones, 3G devices and unlimited data plans,” said Sarah Lenart, Comscore vice president. “The ubiquitous nature of mobile devices affords financial brands an important channel to reach and engage customers, whether it’s at home, work or on-the-go. As brands compete for customer loyalty in this competitive market, marketers will need to focus on continually improving the mobile customer experience and adjusting to the changing landscape and consumer needs as they access their financial information.”

Mobile Financial Services Audience Adds More than 10 Million Users in Past Year

In Q4 2010, 29.8 million Americans accessed financial service accounts (bank, credit card, or brokerage) via their mobile device (browser or application), up 54 percent from the previous year. 18.6 million users accessed their financial accounts via mobile browser in Q4 2010, up 58 percent from the previous year, 10.8 million accessed their accounts via applications, up 120 percent. SMS (text message) represented the smallest access point for financial service audiences with 8.1 million users, up 35 percent.

*Unduplicated audience accessing financial accounts via mobile browser, app or SMS

Among Mobile Banking Users, Mobile Second Most Popular Access Point to Online

With the proliferation of access channels, knowing how and where consumers are interacting with their financial accounts is essential for efficient allocation of marketing dollars and resources. Among mobile banking and credit card users, nearly half prefer going online via a fixed device as the primary way to access their accounts, with 47 percent of mobile banking customers and 44 percent of mobile credit card users doing so. Mobile has become an increasingly important access channel with 36 percent of mobile credit card users and 26 percent of mobile banking customers indicating it is their primary method of accessing their accounts. Only a small segment of these users listed speaking with a representative in person or on the phone as their primary access method.

Online Preference & Security Top List as Reasons Consumers Do Not Use Mobile for Financial Activities

Comscore also analyzed the reasons consumers cite for not utilizing their mobile devices for financial activities. The results indicated that preference for using a fixed online device topped the list for both smartphone and non-smartphone users at 53 percent and 45 percent, respectively. Security concerns were also rated highly as a concern among both smartphone users (33 percent) and non-smartphone users (30 percent). Perhaps not surprisingly, 29 percent of non-smartphone users stated cost as a reason for not accessing these accounts, while only 10 percent of smartphone users said the same thing (as unlimited data plans void this concern for many smartphone users). 26 percent of smartphone users also indicated that slow connection speeds hindered their mobile financial service usage. Demonstrating the overall strong awareness of these services, only 6 percent of smartphone users and 5 percent of non-smartphone users stated not knowing about these services as a reason why they did not access these accounts.

The Comscore Mobile Financial Advisor is a quarterly report that combines insights from Comscore MobiLens (a survey-based service) and Comscore Mobile Metrix, a behavioral-based product that uses an opt-in research panel of smartphone owners who have installed Comscore’s measurement software on their devices, as well as a dedicated re-contact survey focused on mobile financial service activities.

For more information on the Comscore Mobile Financial Advisor, please contact Sarah Lenart, vice president Comscore Marketing Solutions, at slenart@comscore.com.

About Comscore

Comscore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world and preferred source of digital business analytics. For more information please visit www.comscore.com/companyinfo

Contact:
Sarah Radwanick
Director, Regional Product Marketing
Comscore, Inc.
+44 (0) 20 7099 1784
worldpress@comscore.com