Customer awareness a barrier to mobile banking – BuzzCity

Mobile banking is being held back globally by a lack of customer knowledge of the services offered, according to a March 2014 survey from BuzzCity.

Mobile banking is being held back globally by a lack of customer knowledge of the services offered, according to a March 2014 survey from BuzzCity.

Over a quarter (27%) of the 6,000 people surveyed across 20 countries said they didn’t know whether they could use their phone for banking, while 26% said they did not know whether their bank provided mobile banking services.

While many people were unaware of the services offered, 33% of survey respondents felt that they do not need mobile banking, more than the 31% who said mobile banking is easy and useful.

Among the respondents 31% said their phones were not capable of mobile banking (compared to 30% last year), despite all phones being capable of basic SMS banking.

Security fears are less of a concern that previously with 20% of respondents avoiding mobile banking due to security concerns in March 2014, down from 34% in July 2013.

Nearly a fifth (18%) of respondents said that their bank has not yet offered them mobile banking.

Report author and Buzzcity CEO KF Lai said: "Anxieties will persist, but this apparent indifference among users many may yet be the biggest hurdle to overcome."

The survey covered countries across The Americas, Asia, Africa and Western Europe.

Related articles:

Commonwealth Bank launches mobile payment technology in Australian schools

Etisalat Nigeria expands mobile banking offerings to customers

PNC Bank unveils new PINACLE Mobile App for iPad