14 DAY TRIAL // Surprising or not, mobile banking is not a recent discovery, on the contrary. The earliest mobile banking services were offered by European banks over SMS since 1999, as soon as the first smartphones with WAP support were launched on the market
However, following the rapid growth of phones based on Google's Android mobile platform and Apple's success with the iPhone, the use of mobile banking has increased.
According to a recent online survey of more than 2,000 respondents by YouGov Plc. and Antenna Software, showed that more than one in three U.S. consumers with mobile devices (phones, smartphones and tablets) currently use mobile banking.
The research results showed that about 42% of mobile internet users who have already used mobile banking services said their most recent experience was positive and received the service they were expected.
“While financial institutions around the world are reaching a growing number of consumers through current offerings, there is a significant opportunity for banks to develop and deploy a holistic mobile banking strategy to meet the needs of their entire customer base,” said Jim Hemmer, president and CEO of Antenna.
Furthermore, the survey says that 55% of mobile internet users have or would like to check their balance on their mobile device, while 43 % have used or would like to view transaction history and 36% use or would like to locate the nearest branch or ATM.
It appears that the most common fear in the adoption of mobile banking is the security issues around sharing financial information via a mobile device.
Given this fact, the recent survey showed that 66% of mobile internet users would not use mobile banking services regularly through a mobile website or application due to these security anxieties.
“Building on the existing security and basic functionality available in today's mobile apps and websites, organizations can establish a competitive advantage in the future by offering a full complement of mobile banking services that foster trust with consumers as they increasingly embrace m-commerce,” concluded Hemmer.