Friday, 24 November 2017

Mobile banking increases but many feel apathy towards adoption

BuzzCity
Tuesday 22 April 14

BuzzCity the leading global mobile advertising network today releases its latest quarterly report on the mobile internet. The report includes a spotlight on mobile banking adoption and reveals mobile users’ attitudes towards mobile banking. In the first quarter of 2014, mobile advertising grew by 15% as value added services began the year aggressively promoting Video…

BuzzCity the leading global mobile advertising network today releases its latest quarterly report on the mobile internet. The report includes a spotlight on mobile banking adoption and reveals mobile users’ attitudes towards mobile banking.

In the first quarter of 2014, mobile advertising grew by 15% as value added services began the year aggressively promoting Video, News and Mobile TV across various operator networks globally.

Spotlight on Mobile Banking
The report also featured results of a survey on mobile banking. Results suggest that security fears seem to be allayed; 19% of those surveyed this quarter won’t mobile bank because of security fears - a significant decrease from 2013 when 34% felt concerned about security issues.

Not surprisingly, the adoption of mobile banking has increased; 31% of adults who use the mobile internet now find mobile banking “easy and useful” compared to 26% last year. There is, however, apathy amongst potential users, with a third of those surveyed (33%) simply not feeling that they “need” mobile banking.

“Anxieties will persist, but this apparent indifference among users many may yet be the biggest hurdle to overcome”, said KF Lai. “These consumer perceptions will play a key role when advertisers plan their campaigns across digital channels”.

Financial services will need to think about other factors that affect responses to their campaigns as 17% feel that they it need to “be offered” from their banks. Parallel with this is consumer confusion; 11% feel mobile banking is too complicated or unreliable (11%) and many aren’t aware if their devices can even be used to activate the service.

Mobile Based Banks
The report also looks at the most popular banks among mobile users. In the UK, Barclays is the most popular bank, followed by Lloyds, HSBC and the Royal Bank of Scotland in 4th place. Notable in the report is the emergence and rising popularity of ‘mobile-based’ banks (where accounts are linked to SIM cards) in developing markets. These new mobile banks, catering specifically to the mobile- only consumer have gained widespread adoption and a rapid market share in a relatively short time.

The BuzzCity mobile banking research was conducted in March 2014 amongst 6000 adults in 20 benchmark countries.


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