The research has found that more than a third (37 percent) of almost 12,000 polled internet users surveyed in 12 European countries are currently using mobile banking, with many crediting the technology with providing more control over their money.
While being able to bank on the go is very popular, cash was still found to be favoured by consumers looking to monitor and keep control of their spending. Half of polled European consumers agree they prefer to use cash when shopping because it is easier to see when they are spending too much. This rises to a high of 61 percent in Spain and is popular among under 25s as well, with 64 percent agreeing.
Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING Financial Empowerment in the Digital Age report.
The Netherlands was found to be the most developed mobile banking spot, according to a measure that takes internet penetration into account, while Turkey is the top mobile banking “hotspot”, the research indicates. More than three-quarters of polled UK consumers who use mobile banking say they feel more control of their money. Half of Germans who do not use mobile banking say they are put off by security fears.
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