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Survey Reveals What Mobile Banking Customers Want

A majority (94 percent) of U.S. consumers says that banking on their mobile device is easy and more than three quarters (77 percent) feel it is convenient, but only 42 percent cite that it is reliable, according to a new study released today, April 26, by Infosys, a leading tech services company.

The Infosys survey also found that slow speed and a lack of confidence in the protection of their data are the top reasons consumers do not use mobile banking more often (31 and 30 percent, respectfully), followed by 26 percent who cite inconvenient viewing features (e.g., small font and other user interface issues).

Interestingly, when comparing mobile banking users and non-users, a quarter of the former say that a lack of confidence in the protection of their data is a top concern, and that number more than doubles to 60 percent among non-users.

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Moreover, nearly all consumers polled (96 percent) feel most comfortable or secure while banking on their home computer, edging out comfort levels even at the bank itself (93 percent), on an ATM (84 percent), smart phone (83 percent), or work computer (only 52 percent).

“The mobile phone is ubiquitous, and for financial institutions it must be viewed as the gatekeeper to the consumer of the future,” said Ashok Vemuri, member of the Board and head of the Americas at Infosys.

Other key findings confirm the increasing investments and industry buzz around mobile banking: consumer interest is on the rise. Nearly 60 percent of all respondents say their view of mobile banking services has improved over the past year. In addition, the majority (61 percent) of non-users say they are likely to try mobile banking in the future.

The Infosys mobile banking poll was conducted by an independent research firm between February 22 and February 27, 2012 via an online survey among 1,000 respondents in the United States.

To qualify for the survey, respondents had to be active smart phone users (have downloaded an application in the past six months) and indicate that they use online banking services. The findings of the survey were released today, April 26.

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