Study: Mobile Banking Attracting Younger Consumers

April 22, 2008 12:50 p.m. EST

New York, NY (AHN) - Young adults may lead a vanguard of consumers ready to adopt mobile banking, surveys found. Some 21 percent of people age 18-34 said they would use mobile banking, according to a survey.

Although just 10 percent of people said they'd try mobile banking -- using your cell phone to transact financial business - young consumers are more than twice as likely to try on-the-go banking, IBM said.

Mobile banking is expected to attract 8 million users by the end of 2008,according to researchers at Aite Group. Key to that growth is assuring security, a concern of 65 percent people who responded to the survey.

Bank of America now leads mobile banking, a service offered by 90 percent of financial institutions.