M-banking taken up by 30% of mobile users - survey
06 August 2010 | 10075 views | 2
Nearly a third of mobile phone owners now use their handsets to access banking services, according to a global survey from vendor Sybase 365.
The firm, which polled over 4100 mobile phone users, says 30% of respondents use m-banking, with 24% accessing services through their handsets on at least a weekly basis.
This level of adoption far exceeds industry expectations says Sybase, citing its own poll of financial services professionals in 2008 which predicted penetration of just 16% this year.
Of those using m-banking services, 88% check accounts through their phone, 54% receive transaction updates and 56% have paid a bill or card payment.
Over a third of respondents also say they would be prepared to pay for more sophisticated services and 44% would consider swapping their financial institution for free m-banking.
Asked what services they want, 75% opt for reports on potentially fraudulent behaviour, 69% are interested in balance enquiries, 65% want to be able to freeze a card and 59% are tempted by the ability to make transactions.
A third of respondents are interested in paying for goods and services using their mobile, and there is a willingness to pay for such convenience - with entertainment and utilities services scoring best. Around a quarter want to be able to send money overseas through their phone, with the median amount sent $18.
Matthew Talbot, VP, m-commerce, Sybase 365, says: "As mobile devices become more sophisticated and mobile banking gains traction, at a far higher rate than industry experts predicted, there is a clear opportunity for mobile to become a primary CRM channel for many services and industries; as the consumer desire highlighted in this report suggests."