US consumers are becoming increasingly comfortable with the
concept of using mobile phones for banking and purchases, reveals a
new survey undertaken by market research company Harris
Interactive. However, the survey also highlighted that banks,
technology vendors and other players scrambling aboard the
m-payments bandwagon must still allay a plethora of consumer
security and other concerns.
The Harris Interactive survey found that 16 percent of mobile
phone subscribers already use mobile banking services, with 60
percent of these people using the services at least once a week.
Many others presently not using mobile banking services expressed
interest in mobile banking, with 35 percent receptive to the idea
of transferring funds and checking account balances via their
mobile devices. One-third of those surveyed said they would like to
receive text message alerts from their financial institutions.
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The survey also found that the use of mobile devices for
purchases is rising. About 25 percent of mobile phone users with
mobile access to the internet now use their devices to buy goods
and services online using a credit card. In addition, 20 percent of
respondents said they would like to someday use their phones as a
mobile wallet, whereby charges would be billed directly to their
mobile accounts.
“Today’s mobile devices are the springboard for a whole raft of
services, with huge pent-up demand for mobile commerce
capabilities,” said Harris Interactive’s vice-president, Joseph
Porus. “If security concerns can be quelled, the sky’s the limit
with consumer acceptance of mobile banking and purchase
transactions.”
Security tops list of concerns
Indeed, the survey found that security concerns are a major
obstacle to the adoption of mobile banking and commerce. Two-thirds
of respondents expressed apprehension about using their mobile
phone to transmit sensitive financial information, while nearly the
same proportion (63 percent) reported fears about being exposed to
potential fraud and financial scams. Sixty-one percent also worry
about losing a mobile phone containing personal financial
information. Other consumer concerns with mobile commerce include
questions about usability (43 percent), reliability (37 percent)
and the speed of the wireless network (23 percent).
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By GlobalData“While the survey indicates people have concerns associated with
using mobile devices for financial transactions, it’s similar to
the evolution of the internet as a viable tool for banking and
buying,” said Porus. “We expect mobile technology to only improve
and become even more secure in the coming years. This should ease
people’s fears and make mobile commerce appealing in the
future.”
