Mobile banking is now a “must-have” for financial institutions due to a rise in adoption by consumers and an increase in smartphone use, a new study has revealed.
Research by Javelin showed that mobile banking use among consumers has risen from 19 per cent to 30 per cent during 2011 following two years of flat growth.
The report stated that 80 per cent of financial technology vendors are now offering what it described as the “triple play” - the ability to mobile bank using apps, SMS text messages and mobile Internet.
Mary Monahan, executive vice-president and research director of mobile, at Javelin, said: “Mobile banking, once considered a 'nice-to-have', is now a 'must-have' for financial institutions (FI) who want to stay competitive and meet growing consumer demand for this channel."
She added that the research provides insight into how both vendors and FIs can stay ahead of future developments in the industry.
Further findings from the survey revealed that security is a key issue for many as almost half of the consumers questioned said that security worries are the main reasons stopping them from using mobile banking.
By Jim Ottewill
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