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Banks missing out by focusing mobile banking ads on television
Research from advertising network BuzzCity reveals that mobile payments are soaring despite banks' failure to inform customers of the mobile facilities available to them.
In a global survey among 3,300 people, BuzzCity found that a quarter of consumer now use mobile payments. That's more than the 17% that use credit or debit cards.
Overall, the study found that 42% of mobile owners make financial transactions on their device, up 60% since 2013.
However, a third of consumers are yet to experience mobile banking and 15% were not aware that mobile facilities were available through their bank.
According to KF Lai, chief executive at BuzzCity, banks are not getting their mobile banking message across to mobile users because they are focusing their advertising on television.
"By focusing all efforts on just one channel of communication and not the actual devices that their customers are using every minute of every day the banks are clearly missing opportunities," said Lai.
Television was found to be the most influential media according to 42% of respondents, more so than mobile advertising. Just 18% discovered information about mobile banking directly from their banks and 17% from their mobile operator via text. Mobile advertising only accounted for 16% of respondents.
As well as being unaware of the mobile banking facilities being offered, barriers to its use were also discovered by BuzzCity. A quarter of consumers said they had security concerns and about the same number thought their mobile device was not suitable for mobile banking.
Image via Shutterstock
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