Jan
25
As I’ve mentioned before, mobile banking is becoming one of the fastest-growing and most popular methods consumers utilize to manage their financial transactions. Although a sizable percentage of Americans rely on smartphones to complete their day-to-day transactions, experts say that mobile banking still has some challenges ahead to becoming more commonplace among users.
According to Javelin Strategy and Research’s Mary Monohan, mobile banking customers are using this platform in different ways, requiring banks and lenders to accommodate the shift and cater to different preferences. For example, Monohan notes that smartphone users prefer a more expedient and to-the-point visit when accessing their accounts, while those using tablets expect a more “interactive” and complete experience, she tells BankInfoSecurity.com’s Tracy Kitten in an interview.
Further, Monohan notes that educating consumers about mobile security features may be a significant step in attracting wary smartphone users to mobile banking initiatives. A separate study reveals that concerns over the security of mobile platforms were the No. 1 factor that may discourage individuals from adoption of this service. According to the study, 53 percent of respondents said they were apprehensive of security features.
“There’s a lot of misinformation out there and consumers are very curious about it,” Monahan told the website. “If you’re going to have a mobile-banking offering, you’ve got to have marketing efforts.”
There are a number of ways institutions can expand their mobile banking platforms and educate customers on its many features. Asking current customers about their perceived thoughts or experiences on mobile banking can be a good first step in knowing where to make changes. Using marketing strategies, such as email campaigns, social networking websites and traditional phone communication can also help banks extend more information about their particular service offerings.