Data Innovation today announced the findings from its first Mobile Money Study, a mobile survey of 246 smart phone users conducted December 2009. Data Innovation, a market research firm specializing in the wireless industry, conducts primary research with an exclusively mobile panel. The study found that nearly 70% of respondents had used at least one mobile banking and/or payment service in the past three months.

As expected, the most popular mobile banking service was checking account balances (82%), followed by checking posted transactions (62%). Other popular services included mobile account alerts (46%), transferring money between accounts in the same bank (almost 40%), and mobile bill pay (29%).

Use of mobile financial services is also expanding beyond mobile banking. Popular services include checking posted transactions to a credit card (over 50%) and conducting mobile commerce transactions (40%).

As mobile banking and payment services become more mainstream, financial institutions are scrambling to identify and deploy the most desirable and valuable services. Survey respondents expressed interest in account alerts (60%), mobile bill pay (more than 50%), mobile P2P services (25%), mobile remittances (20%), and accessing stock market data (18%).

Interestingly, a large number of respondents were interested in the concept of a mobile wallet. Although no commercial mobile wallet solution is available in the United States today, nearly two-thirds of respondents stated they would be interested in this type of technology and service. Only 10% stated they were not interested in a mobile wallet, and 25% said they were not sure, which could indicate that they need more information on the service.

The Mobile Money Study is the baseline view of the penetration and use of mobile financial services.  Data Innovation plans to conduct more in-depth analysis in the next quarter. This first report is available at no charge. To receive a copy of the study, visit the Press page at www.datainnovationnetwork.com.