Despite cybersecurity experts saying they expect mobile payment data breaches to grow in the next 12 months, 25 per cent of European consumers are actively using mobile banking.
Mobile will ‘displace’ online
This marks a significant rise from 2011 when only nine per cent were active mobile banking users. Despite the rise in users, more people (32 per cent) still see it as unsafe and unsecure, according to research from Forrester.
The company says that mobile banking will “displace online banking for everyday tasks”.
According to the research, the most common mobile banking activity in Europe is checking balance accounts with 78 per cent of European active users doing it in the past three months.
Over half (53 per cent) used their smartphone to view their transactions, whilst four out of ten respondents received a text message from their bank.
The research also noted that the amount of people using their tablets for mobile banking has increased to 13 per cent, up from 11 per cent in 2014.
Privacy and security concerns linger
However, a perceived lack of security appears to be a dealbreaker for many Europeans. Along the 32 per cent who believe it isn’t safe or secure, a further 30 per cent simply do not trust mobile banking on their phone.
Forrester said that it is customer concerns such as these that banks should be focussing on, rather than their mobile banking rivals.
“Digital banking teams should stop worrying about competitors and instead become obsessed about what their own customers need and value.”
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.