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Consumers Keen on Mobile Banking, says Sybase 365

David Murphy

The latest research conducted by Sybase 365 reveals that demand for mobile banking services has exceeded expert expectations.

30 percent of mobile users currently use banking services on their mobile handset, compared to the 16 per cent predicted by decision-makers within the financial sector responsible for the delivery of mobile and/or internet banking surveyed by Sybase 365 for its 2008 Mobile Banking Report. 24 per cent of users access mobile banking on at least a weekly basis. The research finds a changed market from that surveyed in 2007, with consumers showing a greatly increased appetite for mobile services.

The research, conducted by Loudhouse Research, surveyed over 4,100 mobile phone users across key global territories and found that the mobile phone market has matured significantly in the last three years.

The main findings show how mobile phones have evolved from simple communication devices to life management tools, entertainment systems and virtual wallets. 48 per cent of all mobile users use their handset to access the internet on a weekly basis, and 30 per cent use mobile banking services.Other key findings include:

  • European mobile banking has more than doubled in the past 18 months
  • Globally, the most used services include checking accounts (88 per cent) and receiving transaction updates (54 per cent).  56 per cent paid a bill or card payment via their mobile phone
  • 35 per cent of mobile bankers will pay for more sophisticated services, while 44 per cent would consider swapping banks for free mobile banking
  • 75 per cent would like to receive reports of potentially fraudulent behaviour
  • 69 per cent are interested in balance enquiries
  • 65 per cent would like to be able to freeze a card
  • 59 per cent are interested in being able to make transactions, paying a bill or a card from their mobile

 “The challenge for businesses in 2010 will be to adapt their mobile offerings to meet this increased demand, and find ways to target their services at specific segments of their customer base,” says Matthew Talbot, vice president mCommerce at Sybase 365. “As mobile devices become more sophisticated and mobile banking gains traction, at a far higher rate than industry experts predicted, there is a clear opportunity for mobile to become a primary CRM channel for many services and industries; as the consumer desire highlighted in this report suggests.”