US and UK consumers prefer mobile to branch banking

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According to a survey by mBlox, m-banking is gaining ground in the US and UK markets, surpassing both branch and phone banking in terms of popularity. The US/UK research was carried out by global research company OnePoll between 15-18 March, 2010.

According to the research, almost 25% and 37% of mobile phone users in US and UK have adopted mobile banking services. When asked which banking method users preferred, respondents found m-banking more convenient and easier to use than phone banking (voice and touchtone) by a margin of 3 to 1 in the US and by a 1% margin in the UK.

Conversely, when asked about branch banking, fewer respondents selected it as their favourite method of banking, with only 2% in the US and 3% in the UK choosing it as their preferred method.

Research revealed that 52% and 46% in US and UK have rated the ability to ‘access banking services anywhere, at any time’, as well as ‘convenience’ and ‘time-saving’ are the biggest benefits of the m-banking service.

The research identified the services consumers are most interested in using on their mobile phones. 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 like being able to view statements and transaction history the best.

However, the research highlighted two factors that may be slowing down the growth of m-banking services. These top two reservations were identified by respondents as ‘security’ (33% in the US and 49% in the UK) and ‘cost’ (31% in both the US and UK).