New white paper on mobile banking available, contains surprising facts about mobile banking reach
A new white paper from PSCU Financial Services provides an update on the latest trends in mobile banking and discusses new innovations, such as mobile-device-based remote check deposit. The paper also contains a few surprises: mobile devices are now considered more secure than the average PC, and older adults (55-65+) are the fastest growing age group for mobile banking and Smartphone use. According to Neilson report dated August 2010, with more than 25 percent of the American population using Smartphones, , the future of mobile banking is no longer a possibility on the horizon – it is here.
To learn more, click here to download the white paper. Also, join in as Javelin Strategy & Research and PSCU-FS discuss mobile banking in-depth during a complimentary webinar on March 23. For more webinar details, please see the related article in this edition of Solutions. To register for the webinar, please visit www.pscufs.com/webinars.
Mobile Banking Trends
In July 2010, KPMG released the results of its fourth annual Global Consumers and Convergence survey. Among the findings the company reported:
- Nineteen percent of respondents have conducted banking transactions on a mobile device, up from only nine percent from 18 months ago.
- Among all U.S. respondents who have not conducted mobile banking, 52 percent cited security and privacy as the primary reason.
- The number of those who said they were comfortable using their mobile devices for financial transactions grew to 16 percent, which is a six percent increase from the last survey. Likewise, respondents not comfortable with such usage declined to 55 percent, an 11 percent drop from the last survey.
- More than 10 percent of the U.S. consumers indicated they used their mobile device to buy something from a retailer’s mobile site. This doubles the 2008 responses, but trails global consumers (28%), who bought from retail mobile sites.
- Ten percent of U.S. consumers said they conducted an investment transaction, (i.e., buying or selling stock) on their mobile device. In comparison, nearly 30% of global consumers said they had conducted such a transaction.