A majority of middle market banking executives show openness to the idea of using mobile banking services in the future, but security and technical concerns still loom, a recent study has revealed.

According to the survey conducted by global research company TNS, 40 percent of participant executives have claimed that they would consider the implementation of mobile banking services into their business. Among the mobile banking functionalities that rank highest in their preferences, respondents have mentioned the ability to monitor recent transactions (84 percent), the ability to transfer funds (78 percent) and being able to receive alerts on account activity (76 percent).

However, when questioned on the inconveniences that would prevent them from adopting such services, 61 percent of respondents have shown themselves most concerned over the lack of security or the potential of incurring malware programs like viruses.

Cost and technological limitations also remain major issues in mobile banking implementation, since 26 percent of participants feel that using mobile banking for their business would be too costly and 21 percent believe that they are limited by their technological infrastructure, the same study points out.

Moreover, the survey has also unveiled that most banks fail to explore the potential exposure offered by social networking in gaining new market share. While half of all middle market executives use online social networking in their personal lives only 10 percent are aware of the bank's presence on a social media website.