20 August 2014

Consumers have limited interest in mobile banking - JupiterResearch

24 April 2007  |  7725 views  |  0 D600 mobile

Analyst group JupiterResearch has found that despite renewed efforts on the part of financial institutions, overall interest in mobile banking services is limited.

The research comes as major US banks, including Bank of America, Citibank, Wachovia and Wells Fargo, prepare to market a new generation of mobile banking applications for customers.

Yet, according to JupiterResearch, just eight percent of online consumers who own a cell phone are interested in using mobile browsing to check account balances.

Asaf Buchner, a JupiterResearch analyst says the current buzz around mobile banking is fueled by financial institutions’ desire to expand their customer relationships to the mobile channel, rather than consumer demand.

"Banks have to identify potential early adopters and educate these customers about the value of mobile services," he says.

According to the study, when developing mobile strategies, banks should consider the availability of mobile technologies (SMS, mobile browsing and client application) as well as the characteristics of mobile interactions.

David Schatsky, president of JupiterResearch, says banks should not offer mobile services that aim to mirror or duplicate the online experience. "Online banking brought consumers the convenience of banking anytime. Mobile banking can add an anywhere element, but banks should identify where such ubiquity is crucial."

The study identifies younger consumers as potential early adopters of the services. Other interested demographics include consumers who are already using mobile browsing as well as 'under-banked' consumers who might even not be banking online.

The issue of consumer interest in the mobile banking channel was first raised in this Finextra Community blog posting last month.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

20 April, 2007
16 April, 2007
03 April, 2007
29 March, 2007
27 March, 2007
20 March, 2007
13 February, 2007
24 January, 2007
06 December, 2006
16 November, 2006
09 November, 2006
17 October, 2006
Find out more

Featured job

to c. £80k base, bonus, benefits including stock o...
London, UK

Find your next job