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BizReport : Mobile Marketing : September 07, 2016

Mobile banking use continues to rise

More people are using mobile banking, and using it more frequently, than ever before. Furthermore, people are using mobile banking for more than just viewing account balances or paying for goods and services, according to a new report from global financial services technology provider, Fiserv.

by Helen Leggatt

Fiserv's report, 'Expectations and Experiences: Consumer Payments', found that 40% of the 3,048 U.S. adults with a checking account surveyed had used mobile banking in the 30 days preceding the survey.

More than half said they used mobile banking more now than they did in the previous year. Millennials are key drivers of mobile banking, with almost 9 out of 10 reporting using it and 41% saying they would "leave their wallet at home if they could store all of the information they need in a digital wallet they could access and use anywhere".

Overall, more than half (51%) of all respondents said mobile will change the way they bank, and 44% said it has already done so.

However, while more people are using mobile banking to carry out additional tasks such as bill payment, P2P payments and transferring funds, barriers to adoption remain. Nearly two-thirds (65%) of those who do not currently use mobile banking avoid the technology due to security concerns while 35% of those who do not use bill pay, and 30% of those who do not use P2P, are concerned about online security and the protection of their personal data.

"Gone are the days when paying the bills meant sitting at the kitchen table with a calculator once a month," said Mark Ernst, chief operating officer, Fiserv. "Consumers now pay on demand, wherever and whenever it suits them. As people make more payments from mobile banking, and become more comfortable doing so, this could be a bellwether for increases in other types of mobile payment activity, such as payments at the point of sale."

Tags: banking, mobile, research

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