Why Are So Many Customers Still Afraid of Mobile Banking?

by Joseph Walent 0

Mobile banking and payment

While the article’s title provides one explanation for the lack of complete market penetration of Mobile Banking use across the addressable population, there are other explanations. That is to say, it may not be a fear driven decision, but a lack of awareness, a lack of availability, and finally a lack of incentive to change. Actually delivering some real insights and advantage to consumers may be the added impetus to employ mobile banking more regularly.

Customers “share with us everything they buy; from the daily cup of coffee to the big screen TV to the subscription for movie streaming. We have an opportunity to make management of these transactions easier, allowing every customer to be perfectly connected to where their hard-earned money is going,” Secrist said. “We can deliver this information in real time, with the controls to take action whenever anything is not right.”

Mercator Advisory Group understands there is likely more at play than the “newness” of mobile banking at play in the rate of use, and there are reports by some financial institutions that are recording a steady influx of registrants and subsequent users of mobile banking apps. As more of our daily financial interactions are being routed through our personal handheld computational devices, it will be the FIs that offer interpretative services to simplify the messages and deliver actionable insights for consumers that retain staying power with their consumers.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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