BROOKFIELD, Wis. (9/10/08)--Seventy-five percent of consumers surveyed say they would consider using mobile banking services if offered. That's a dramatic increase from the 49% who said so in March 2006, says a new study commissioned by Fiserv Inc. "This research shows that consumer adoption of mobile banking services is poised for potential rapid growth," said Bob Homer, vice president of product management for Fiserv Electronic Banking Services. Heavy users of cell phones and other mobile devices--and younger consumers--had a greater need for mobile banking services that provide control over their finances and instant access to balance information (Business Wire
Sept. 9). Among those 21 to 34 years old, 83% indicated they'd consider using mobile banking services if available. That compares with 75% among overall survey respondents. The most popular mobile banking activities among younger consumers include checking balances, locating an ATM or branch, and receiving and paying household bills. Other findings:
* Adoption of mobile banking and payment services is growing. In 2006, those using a cell phone for financial activities was non-existent. In 2008, 23% said they use their cell phone or other mobile device to check their account and credit card balances or contact customer service at a financial institution. * Among those who haven't adopted mobile banking yet, 72% said security was their top concern. However, 82% would sign up with their financial institution for mobile security text messages alerting them of password and other access changes, and 79% would sign up for account balance alerts. * Cost of services was a top concern for 48% of those surveyed who haven't adopted mobile banking. Consumers 35 and younger were less bothered about barriers such as not knowing how the services work and losing the paper trail. The under-34 market is a primary potential target for marketing campaigns launching mobile financial services, said Fiserv.
The survey was conducted in April for Fiserv by MQA Research and was based on findings from 1,007 U.S. consumers at least 18 years or older, who use a cell phone at least once each week.