M-banking spurs customer retention

0
735

53% of consumers interested in a payment service from their mobile phone would consider changing banks if another bank offered the service, according to a survey conducted by an independent research firm for Obopay.

Nearly three-fourths (70%) of those responding indicated that if the service allowed them to get paid, send or receive money by mobile phone, it would be an incentive to remain at their banks.

The survey also revealed an important requirement for consumers, as the vast majority of respondents (71%) indicated that if transactions were “instant” – defined by most as “within seconds” – they would be more likely to use a payment service on a mobile phone.

Getting paid by mobile phone also ranked high in the survey, with 64% saying they would be interested in accepting either personal payments or payments for their businesses from a credit card, debit card, or electronic check from a mobile phone.

In addition to their preferences for a service offered from their bank, the survey also identified consumer interest in a number of use cases: