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Mobile banking demand—a split

Those who do use mobile, love it. But others don’t go for it

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  • Written by  Website Staff
Mobile banking demand—a split

Mobile banking is struggling to attract new customers, but those already using it are doing so more often, according to a survey from RateWatch, which is owned by TheStreet, Inc.

RateWatch's survey looked at how financial institutions are offering mobile banking services, how customers are using them, and what results have been seen. This survey aims to understand consumers' use and views of mobile banking as well as the burgeoning service of mobile payments.

Highlights of the survey results:

Users using more. While the number of people using mobile banking rose only 2% in the past two years, those using it at least once a week climbed to 45% from 37% during the same period.

More offering than taking. While 81.47% of financial institutions are currently offering mobile banking services, 36% of consumers say they are still not using it.

Education correlates with online usage. Those with a graduate degree are most likely to use online banking to some degree. Only 3.94% never use online banking compared to between 11.76% and 25.71% for other education levels. Compared to all other education levels, those with a graduate degree are most likely to use billpay.

Younger customers use mobile frequently. Those 18-29 are more likely by age than any other age group to access online banking multiple times per day while those 45 and older are most likely to have never accessed online banking

POS mobile interest not so hot. Only about a third of those asked are interested in making in-store purchases with their mobile devices.

"Every indication is, that as long as safety concerns are addressed, consumers will continue to increase their demand for mobile banking and the ability to easily and conveniently make purchases and manage their money" the report says.

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