Online banking on smartphones has failed to keep pace with desktop banking, according to research by Auriemma Consulting Group. 65 per cent of desktop owners use it to access their finances – but only 23 per cent of smartphone owners do the same.
Some services are better served than others. Reviewing account balances (69 per cent of those who use mobile banking) and recent transactions (48 per cent) are the two most popular activities – though both are less well-subscribed than online (88 and 72 per cent respectively).
Activities that require a deeper dive – such as making bill payments (18 per cent) and transferring money between accounts (20 per cent) or to others (18 per cent) – prove less popular with users.
“Given the continued growth forecasted and high consumer usage and engagement with smartphones, the research clearly shows that there are gaps in smartphone banking capabilities,” says Auriemma director Mark Jackson. “Improving smartphone offerings has become necessary for issuers to stay on-par with the competition, and maintain consumer loyalty and engagement over upcoming years. Particularly as the payments industry delivers on consumer demand for mobile payments.”
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