28 June 2017
download the report now

M-banking finding favour with consumers

24 March 2010  |  7634 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.

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

Mobile remote deposit capture set to alter bank branch economics

Mobile remote deposit capture set to alter bank branch economics

12 February 2010  |  9038 views  |  1 comments
US mobile finance approaches tipping point - research

US mobile finance approaches tipping point - research

03 December 2009  |  9069 views  |  0 comments
Branches and service key for UK bank customers - survey

Branches and service key for UK bank customers - survey

03 November 2009  |  6001 views  |  0 comments
M-banking services should target offline customers - survey

M-banking services should target offline customers - survey

07 October 2009  |  10124 views  |  2 comments
Nokia moves into mobile financial services

Nokia moves into mobile financial services

26 August 2009  |  10610 views  |  0 comments
BofA to close 10% of branches as customers go online and mobile - WSJ

BofA to close 10% of branches as customers go online and mobile - WSJ

28 July 2009  |  8030 views  |  1 comments
Mobile phone giant O2 moves into personal finance

Mobile phone giant O2 moves into personal finance

15 July 2009  |  12149 views  |  0 comments
US m-banking take-up hindered by security and cost concerns - survey

US m-banking take-up hindered by security and cost concerns - survey

08 April 2009  |  9185 views  |  1 comments
M-banking users to hit 900 million by 2014 - study

M-banking users to hit 900 million by 2014 - study

13 March 2009  |  8899 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.www.fisglobal.comdownload the report now

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9100 views comments | 19 tweets | 37 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8614 views comments | 9 tweets | 6 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
8448 views 0 | 4 tweets | 2 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7447 views 0 | 8 tweets | 7 linkedin
Asia still top dog for payments innovation but Europe gaining groundAsia still top dog for payments innovation...
7391 views comments | 10 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job