25 February 2017
visit nextgenbanking.co.uk

Consumers have limited interest in mobile banking - JupiterResearch

24 April 2007  |  8359 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)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fidelity Express introduces mobile bill payment service

Fidelity Express introduces mobile bill payment service

20 April 2007  |  4422 views  |  0 comments
Revitalised Mobey Forum adds banks and mobile operators

Revitalised Mobey Forum adds banks and mobile operators

16 April 2007  |  4961 views  |  0 comments
Citi launches mobile banking application

Citi launches mobile banking application

03 April 2007  |  13724 views  |  0 comments
Visa chief - convergence of payments and mobile comms inevitable

Visa chief - convergence of payments and mobile comms inevitable

29 March 2007  |  8690 views  |  0 comments
Monitise and Metavante to establish m-banking network in US

Monitise and Metavante to establish m-banking network in US

27 March 2007  |  9352 views  |  0 comments
Banksys teams with telcos to launch m-payments platform in Belgium

Banksys teams with telcos to launch m-payments platform in Belgium

20 March 2007  |  8796 views  |  0 comments
Bank of America to introduce m-banking

Bank of America to introduce m-banking

13 February 2007  |  12036 views  |  0 comments
Fraudsters to target mobile banking, says TowerGroup

Fraudsters to target mobile banking, says TowerGroup

24 January 2007  |  6417 views  |  0 comments
Alliance and Leicester to introduce mobile banking

Alliance and Leicester to introduce mobile banking

06 December 2006  |  11985 views  |  0 comments
Rabobank introduces bundled m-banking and calling service

Rabobank introduces bundled m-banking and calling service

16 November 2006  |  18833 views  |  0 comments
First Direct to trial mobile video banking

First Direct to trial mobile video banking

09 November 2006  |  13717 views  |  0 comments
Yodlee releases mobile banking package

Yodlee releases mobile banking package

17 October 2006  |  10407 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit dh.comVisit contisgroup.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12253 views comments | 51 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8351 views comments | 40 tweets | 34 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6656 views comments | 18 tweets | 13 linkedin
hands typing furiouslyDecoding the Policy Impact of India's Unio...
6557 views 0 | 13 tweets | 2 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6454 views comments | 7 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job