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Online & Mobile Banking

Mobile banking services can improve customers' opinion of UK banks – survey

Wednesday 22 September 2010 | 11:10 AM CET

Mobile banking is an important factor that could boost UK consumers’ confidence in their local financial institutions, a recent survey has unveiled.

The online YouGov report, commissioned by IE, an online and mobile software services provider, has shown that one in four (25 per cent) of generation Y respondents (aged between 18 and 34) would have a better opinion of their bank if it offered mobile phone-based banking services.

Though security issues are often mentioned as a barrier hindering mobile banking adoption, the survey has indicated that 61 percent of adult participants that own a bank account would not let security concerns prevent them from using mobile banking services.

According to the research, banks themselves put obstacles in the mobile banking uptake. Thus, one in six (17 per cent) 18 to 34 year old respondents have claimed that they want to use mobile banking but are unable to do so, revealing that demand for the service is not being met. Of this group, 35 percent fail because they do not know how to use such services whereas 23 percent are let down by the fact that their financial institution does not offer the service.

The online research has also confirmed the continuing decline of traditional banking services for direct, electronic anytime access channels, with 74 per cent of respondents surveyed stating that the internet and mobile are their top preferred methods to check bank balance information. This compares to only 14 per cent of respondents who prefer to check their balance at an ATM and 5 per cent who do so at a brick-and-mortar branch.

Consumers named convenient access to information as an important feature of mobile banking, with capabilities such as checking their account balance (43 per cent) and checking recent transactions (36 per cent) singled out as the most appreciated services.
 

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