Market research firm Harris Interactive has released details of a study that shows that US mobile phone users are increasingly comfortable using their phone for banking and purchasing while on the move.
The company interviewed 1,072 US adults aged 18 and over in December 2007 for its 2008 Winter Technology Report. The study finds that 16% of mobile phone subscribers already use mobile banking services, with 60% of these using the services at least once a week. Many others presently not banking and buying on-the-go expressed interest in mobile banking, with 35% open to checking bank account balances and transferring funds via their mobile devices. A third of those surveyed also said they would like to receive text message alerts from their financial institutions.
The survey also finds that on-the-go mobile purchases are on the rise. About 25% of mobile phone users with mobile access to the Internet now use their devices to buy goods and services online via a credit card. One in five respondents said they would like to one day use their phone as a mobile wallet, with charges billed directly to their mobile accounts. In addition, 10% of respondents said they would consider wire transfers and stock trading via their mobile phones.
Todays mobile devices are the springboard for a whole raft of services, with huge pent-up demand for mobile commerce capabilities, says Harris interactive Vice President, Joseph Porus. If security concerns can be quelled, the skys the limit with consumer acceptance of mobile banking and purchase transactions. Its a very intriguing prospect for the near future, considering how people have already embraced a variety of mobile technologies, beyond simple phone communications.
Among those surveyed, the biggest barrier to consumer acceptance of mobile banking and commerce is security concerns over personal data. 66% of respondents expressed apprehension about using their mobile phone to transmit sensitive financial information. 63% said they feared the medium could expose them to potential fraud and financial scams, while 61% worry about losing a mobile phone containing personal financial information. Other consumer concerns around mobile commerce include questions about usability (43%), reliability (37%), and the speed of the wireless network (23%).
While the survey indicates people have concerns associated with using mobile devices for financial transactions, its similar to the evolution of the Internet as a viable tool for banking and buying, says Porus. We expect mobile technology to only improve and become even more secure in the coming years. This should ease peoples fears and make mobile commerce appealing in the future.
You can see more stats from the report here.