Globally an increasing number of consumers are using mobile devices for banking transactions and account management, says a new study from SAP that analyzed consumers from across 17 countries.
More than half (55 percent) of the respondents surveyed said they turn to devices to pay a bill, while 52 percent said they do that for a bank transfer and 48 percent said they use that to set up a new account.
Almost 48 percent of mobile users use their devices for banking transactions and account management, which means there are still opportunities for banks to further increase adoption by offering services that meet customers’ needs, SAP said.
Mobile banking adoption is rising thanks to the convenience it offers to consumers, especially to those who have multiple bank accounts.
Eric Stine, general manager, Financial Services, SAP America, says, “To realize the promise of becoming an omni-channel institution, banks should leverage the demand for lower-cost, personalized services. The winning recipe, however, is the ability to balance the desire for on-the-go convenience and valued-added services, while addressing information security demands.”
SAP says that the ability to use a mobile device at any time of the day (51 percent), on the go (51 percent) and with speed (50 percent) and convenience (50 percent) are the clear benefits for increasing consumer mobile adoption.
However, banks have to address a number of barriers, including the hassle factor of having to enter a lot of personal information (46 percent), safety concerns (45 percent) and Internet access at the point of purchase/transaction (43 percent).