NEW SURVEY: Demand for Mobile Banking will increase if security concerns are addressed
NEW YORK, April 17, 2015 /PRNewswire/ -- Mobile banking is struggling to attract new customers, but those already using it are doing so more often, according to a survey from RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST),
RateWatch's Mobile Banking, Mobile Payments Survey took a look at how financial institutions are offering mobile banking services, how customers are utilizing them and what results have been seen. This survey aims to understand consumers' use and views of mobile banking as well as the burgeoning service of mobile payments. Survey responses were obtained through a third party service with questions distributed January 29 to January 30, 2015 to consumers ages 18 and older throughout the United States. 711 total unique responses were received with 651 having completed the full survey
Highlights of the Survey results show:
- That while the number of people using Mobile banking rose only 2% in the past two years, those using at least once a week climbed to 45% from 37% during the same period.
- While 81.47%* of financial institutions are currently offering mobile banking services, 36% of consumers say they are still not using it.
- Those with a Graduate degree are most likely to use online banking to some degree. Only 3.94% never use online banking compared to between 11.76% and 25.71% for other education levels
- Those 18-29 are more likely By Age than any other age group to access online banking multiple times per day while those 45 and older are most likely to have never accessed online banking
- Compared to all other education levels, those with a Graduate Degree are most likely to use Bill Pay.
- Consumers are most interested in using the following features: Checking account balances, transferring between accounts, paying bills, receiving account alerts & locating ATM's.
- Only about a third of those asked, are interested in making in-store purchases with their mobile devices.
RateWatch believes demand for mobile banking will keep growing.
"Every indication is, that as long as safety concerns are addressed, consumers will continue to increase their demand for mobile banking and the ability to easily, conveniently make purchases and manage their money" the report says.
"As this demand increases, it will become even more crucial for banks to offer mobile services, or risk losing customers to competitors,"says Kimberly Myszkewicz, marketing manager at RateWatch. "The more a person is engaged in the service, the more likely they are to stick with that institution for other services."
For a sneak peak of the full survey, please visit http://www.rate-watch.com/pdf/survey-results/consumer-mobile-preview-2015.pdf
About RateWatch
For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 97,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.
About TheStreet
TheStreet, Inc. is the leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and RateWatch. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control. To learn more, visit www.thedeal.com.
Contact: Aedin Moloney, TheStreet, Inc., [email protected]
SOURCE TheStreet, Inc.
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