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M-banking finding favour with consumers

24 March 2010  |  7750 views  |  0 smartphone with graph

Mobile banking is overtaking telephone and branch-based banking in the popularity stakes, according to research conducted among UK and US consumers on behalf of mobile transaction network mBlox.

The survey, conducted among 1798 US and 1000 UK mobile phone users, found that a quarter of the US sample and 37% of the UK consumers have adopted mobile banking services.

When asked which banking method users preferred, respondents found mobile banking more convenient and easier to use than telephone banking by a margin of 3 to 1 in the US and by a one percent margin in the UK. Conversely, when asked about branch banking, fewer respondents selected it as their favourite method of banking, with only two percent in the US and three percent in the UK choosing it as their preferred method.

In both countries, respondents rated as their top four services: daily balance notifications; suspicious activity notifications; fraud alert notifications; and low balance, overdraft, and credit limit notifications. US respondents also cited as a key service the ability to transfer funds between accounts, while UK respondents favoured the ability to view statements and transaction history.

However, the research also uncovered widespread reservations about security (among a third of US consumers and almost half of UK consumers), while 31% of both groups cited costs as a potential stumbling block.

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