In line with the increase in mobile credit card payments and the rising number of merchants that accept mobile payments, a growing number of consumers are engaging in mobile banking.
According to a recent survey by technology, outsourcing and consulting company Infosys, consumers appreciate the convenience and ease of using their mobile devices to carry out banking activities. Of the 1,000 active smartphone users in the U.S. who took part in the study, 94 percent said they found mobile banking easy and 77 percent reported that it was convenient. Additionally, 83 percent said they felt comfortable and secure while banking on their devices, and nearly 80 percent appreciated the fact that, with mobile banking, they have access to their accounts 24 hours a day, seven days a week.
Speed, viewing issues mitigate satisfaction
More than one-quarter (26 percent) cited viewing features – such as small fonts and similar interface issues – as barriers to use, while less than half (48 percent) said they were pleased with speed of service and 46 percent were happy with ease of log in. That said, nearly 60 percent said their view of mobile banking services had improved over the past year.
“Our research shows that mobile banking users like ease and convenience but at the same time demand and expect seamless service,” said Ashok Vemuri, head of the Americas at Infosys. “There is phenomenal opportunity for banks to listen to feedback from early adopters and set the pace around customer experience in the digital world.”
Mobile banking via tablet
According to the recent 2012 Tablet & Banking Report from Javelin Strategy & Research, tablet adoption is expected to rise 40 percent by 2016, with tablet users’ mobile banking rates increasing twice as fast as those of non-tablet users.
“With tablet use among U.S. consumers on the rise and the underlying tablet operating platform market evolving, financial services executives need to better prioritize their app development efforts,” according to Javelin. The company noted that consumers use tablets differently to PCs and smartphones, and banks should customize their mobile application offerings with this in mind.
“(Banks) should first optimize their mobile sites for tablets because most tablet owners access their bank accounts using browsers,” noted Mary Monahan, executive vice president and research director of mobile at Javelin, in a statement.