Consumers Slow to Adapt to Mobile Banking
Two recent reports show mobile banking may not be catching on with consumers as quickly as expected.
A new survey from RateWatch reveals that 36% of Americans have never used mobile banking. The research indicates that the number of people using mobile banking apps has only gone up by 2% in the past two years. But those using mobile banking are doing so more frequently–the number of people using their accounts at least once a week increased from 37% to 45% in the same period.
The survey consisted of 711 adults who were asked about their views on mobile banking and mobile payments. Most of the people who did not use mobile banking opportunities cited security concerns and limited features as their top reasons for avoidance. Others said they simply did not like working on the small screen of a smartphone and tablet.
The Consumers and Mobile Financial Services 2015 report from the Federal Reserve underscores the number of mobile banking users in America has not changed drastically in the past year. 52% of smartphone owners with a bank account have used mobile banking in the 12 months, only up 1% from 51% a year earlier. The study did not find a great amount of interest in non-users. Of the mobile phone users with bank accounts who do not currently use mobile banking, only 11% thought they would probably or definitely use mobile banking in the next year, which was actually down from 12% a year earlier.
The RateWatch report indicates that enhancing the security features in mobile banking apps would increase the demand and adoption of the apps in the future.