ING survey reveals mobile banking trends
Banks are trying to tame the mobile banking beast while other firms are still trying to identify the species. As more and more consumers bring mobile banking into their lives, CIOs and their IT teams need to see what customers want and how to provide it.
Thankfully, a mobile banking giant has released the results of its survey with some great findings. For starters, more men have adopted mobile banking than women. Perhaps this fits with the gender stereotype of how men view risk or maybe it's their love of new gadgets. Also, most mobile banking is done in the home and users want to do more of their banking via social media.
Memo to IT teams: start on those lady-friendly interfaces and hire yourself a Facebook and Skype-savvy programmer. Stat.
Here's a helpful interview with ING's senior economist Ian Bright who comments on some of the findings.
What findings surprised you the most?
Ian Bright of ING: There are a lot of interesting results but if I had to pick the most surprising for mobile banking, it is that half of the people we surveyed who use mobile banking actually use it while they are at home. This seems counter intuitive in many ways because the thing about mobile is that you can do it anywhere. It makes more sense if the speed of mobile banking is a factor driving use in the home – perhaps it is quicker to log in using a mobile app than power up a home PC and use traditional online banking. On the positive side, two-thirds reported feeling more in control of their money and 84 per cent were checking their balance more often, so mobile banking appears to be changing some of the behaviour around managing money for the better. Our respondents who do not use mobile banking are most likely to say they don't know where they would use it or how (if they would check balances, move money or do something else). My reading is that mobile banking is not really on their radar. They haven't thought about it. Not surprising, I guess, but maybe they are missing a trick.
Making payments by social media is a hot topic. What did you discover?
Bright: A third of the 12,000 respondents agreed they expected banks to make it possible to do payments through social media. Digging into the data a little further, some interesting demographic splits become apparent. Demand is much higher among heavy social media users and for people age under 35. These group are often seen to indicate future trends. It suggests demand is set to grow in the future. There are already financial institutions with a "social" backbone emerging in Turkey and elsewhere.