Mobile banking and financial applications appear to be the next logical step in the development of online and remote financial access and activities.
However, it appears that mobile financial activities still have a long way to go before adoption becomes widespread, according to findings from a SYNERGISTICS study – Online and Mobile Banking: Consumers Speak Out.
A significant number of respondents who own mobile phones, four in 10, report being aware that at least one of their financial institutions offers mobile banking or financial activities (Exhibit 1). Awareness is widest among 18 to 34 year-olds and widens as household income increases.
Almost one-fifth indicate this service is not offered. However, four in 10 do not know, suggesting more intensive marketing and promotion efforts are needed. Of those aware one of their institutions offers mobile services, four in 10 report that they have signed up to use them – representing about one in seven internet households. This has been wider among younger respondents and, directionally, higher income households.
Genie Driskill, COO of SYNERGISTICS, states, ‘To some extent, mobile financial activities are still in the innovator or early adopter stages of implementation. Only one in seven online households report having signed up to use mobile banking. In addition, a large proportion of the mobile phone and smartphone user base, four in 10, do not know if their providers offer these types of services. This is particularly telling of the state of the market and indicates that major communication and educational efforts are needed in order to broaden usage of mobile banking.’