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Thursday, March 25, 2010

Mobile phones are now our favourite method of banking

Mobile billing company mBlox has published survey results that show mobile phone banking is more popular than visiting a local branch or telephone banking via call centres.

37% of UK mobile phone customers are currently using mobile banking, while 25% of US mobile users have adopted mobile banking services.

When asked which banking method they preferred, mobile banking was rated above telephone banking by users in the USA and the UK (although by just a single percentage point in the UK). Only 2% of respondents in the US and 3% in the UK chose branch banking as their preferred method.

The greatest benefits of mobile banking for consumers were seen as the ability to 'access banking services anywhere, at any time,' as well as 'convenience' and 'time-saving'. The top four mobile services in both countries were daily balance notifications, suspicious activity notifications, fraud alert notifications and notifications about low balance, overdrafts and credit limits.

Andrew Dark, CEO of mBlox, said "It's clear from the findings of this survey that consumer behavior is shifting to adopt the capabilities afforded by mobile banking. We are seeing strong interest in the mobile sector from a wide variety of industries including transportation, retail, marketing and entertainment, which shows there is an opportunity for financial services to benefit from this increasingly popular channel."

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Author: The Fonecast
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