New Infosys survey highlights US consumer views on mobile banking

42% of consumers surveyed feel mobile banking is reliable

The new survey revealed that 94% of US consumers surveyed find mobile banking easy and 77% say it is convenient but just 42% feel it is reliable (view press release). The three main reasons why people don’t use mobile banking more often, according the survey, are slow speed (31%), lack of confidence in data protection (30%) and inconvenient viewing features such as small font (26%).

Regarding lack of confidence in data protection, 25% of mobile banking users say it is a major concern compared with 60% of non-users. At the same time, 55% of non-mobile banking users share private information when updating their Facebook status on smartphones. When asked where they felt most comfortable and secure doing their banking 96% said on their home computers, 93% at the bank branch, 84% at the ATM, 83% on the smartphone and 52% on the work computer. 45% of consumers who don’t use online banking said mobile banking is ‘experimental’ or ‘dangerous’ and 38% said it is ‘scary.’

80% of mobile banking users like having 24/7 access to their account but only 48 per cent are happy with the speed of service and 46% with the speed of log-in. 71% find reviewing data and balancing checking accounts the most useful feature of mobile banking. Nearly 60% of those surveyed say their view of mobile banking has improved over the last year and 61% of non-users say they are likely to try mobile banking in the future.

Our research shows that mobile banking users like ease and convenience but at the same time demand and expect seamless service, while non-users still face security fears,” said Ashok Vemuri, member of the board and head of the Americas at Infosys. “There is phenomenal opportunity for banks to listen to feedback from early adopters and set the pace around customer experience in the digital world.”


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