US financial services providers backing mobile devices as a
product delivery platform will take heart from a consumer attitude
study conducted by Dove Consulting for credit union service
organisation PSCU Financial Services (PSCU). “The results confirmed
our view that mobile services are something that consumers are
ready for,” said Kent Potterton, PSCU’s director of credit and new
product development.
The study, conducted in multiple cities, gauged consumer
interest in three key applications: using a mobile device to access
banking information, mobile payment at the POS and person-to-person
payments using a mobile device to send money to another mobile
device.
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When asked which of these applications they were most
enthusiastic about using, nearly two-thirds of study participants
chose mobile banking and 30 percent chose mobile payment at the
POS. Interest in mobile person-to-person payments was minimal.
These results are in line with the direction the financial services
industry is moving, commented Chris Allen, a Dove Consulting
director and its payments strategy team’s head.
Participants cited the ability to perform banking functions such
as check balances and pay bills from anywhere without the need of a
computer as the major convenience of mobile banking, and the
prospect of no longer carrying a wallet as the major convenience of
mobile payment at the POS. However, participants indicated security
and fraud were their main concerns regarding these mobile
applications, particularly if their mobile devices were lost or
stolen.
“Given everything financial institutions have done to encourage
the adoption of mobile banking, it isn’t surprising that more
people are comfortable with the technology and interested in using
it,” said Allen. “I expect as more applications are developed that
allow people to use their phones and mobile devices to pay for
goods and services, consumer interest in this technology will grow
and we will see it move into the mainstream, probably within the
next two to four years.”
PSCU, the US’s largest credit union service organisation, has
selected technology vendor mFoundry’s Spotlight mobile banking
platform as the core element of a mobile banking service to be made
available to its more than 500 credit union members. PSCU’s members
represent over 11 million cardholder accounts and 470,000 online
billpay subscribers.
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