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Reasons For Avoiding Mobile Banking And Payments

Thursday, March 28, 2013 - 5:30 AM
The Federal Reserve just released a report on mobile banking and payments. In addition to security, one reason consumers are avoiding it is the lack of value. That could change if banks start offering coupons and promotions, and start allowing customers to track rewards. Would that move you to use mobile banking?

Excerpts of the report’s conclusion:
The two factors limiting consumer adoption of mobile banking and payments are concerns about the security of the technology and a sense that they don’t offer any real benefits to the user over existing methods for banking or making payments. With regards to security, consumers have actually become more likely in the past year to report that they simply don’t know how safe it is to use mobile banking, suggesting that consumers need to be provided with reliable and accurate information on the level of security associated with the various means of accessing mobile banking. In terms of the value proposition to consumers, the significant number of mobile users who reported an interest in using their phones to receive discounts, coupons, and promotions or to track rewards and loyalty points suggests that tying these services to a mobile payment service would increase the attractiveness of mobile phones as a means of payment.

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3
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,702
1. Thursday, March 28, 2013 - 7:49 AM
"If banks start offering coupons and promotions, and start allowing customers to track rewards, would that move you to use mobile banking?"

Not at this time Ken because my mobile phone is incapable of internet access. The consumer responses to the questionaire located in Appendix 3 of the report were quite interesting, and in some cases disconcerting, to peruse.
2
ShorebreakShorebreak2,371 posts since
Apr 6, 2010
Rep Points: 12,657
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