Mobile Banking Shines in New Study (and Branch Banking Does the Opposite)
While we need to offer the caveat that a mobile transactions company commissioned the study, it seems as though consumers are far, far more satisfied with mobile banking than with other channels of retail banking, particularly branch banking.
Specifically, the mBlox telephone poll of about 1,800 US consumers and 1,000 Brits found that consumers three to one found mobile banking “more convenient and easier to use” than telephone banking.
Just 2% of US respondents and 3% of UK study participants said their “favorite” banking channel was the branch network.
So what is holding mobile banking back, considering that 276.6 million cell phones are in use in the US? Here’s what the study found:
The research highlighted two factors, however, that may be slowing down the growth of mobile banking services. These top two reservations were identified by respondents as “security” (33% in the U.S. and 49% in the U.K.) and “cost” (31% in both the U.S. and U.K.).
I would add another factor that consumers might not think about — or was not floated in the service: functionality. Mobile banking has come a long way over the last several years, but it is still evolving. As functionality advances, acceptance will, too. We’ll have true virtual wallets before we know it.
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