Mobile banking is being held back globally by a lack of customer knowledge of the services offered, according to a March 2014 survey from BuzzCity.
Over a quarter (27%) of the 6,000 people surveyed across 20 countries said they didn’t know whether they could use their phone for banking, while 26% said they did not know whether their bank provided mobile banking services.
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While many people were unaware of the services offered, 33% of survey respondents felt that they do not need mobile banking, more than the 31% who said mobile banking is easy and useful.
Among the respondents 31% said their phones were not capable of mobile banking (compared to 30% last year), despite all phones being capable of basic SMS banking.
Security fears are less of a concern that previously with 20% of respondents avoiding mobile banking due to security concerns in March 2014, down from 34% in July 2013.
Nearly a fifth (18%) of respondents said that their bank has not yet offered them mobile banking.
Report author and Buzzcity CEO KF Lai said: "Anxieties will persist, but this apparent indifference among users many may yet be the biggest hurdle to overcome."
The survey covered countries across The Americas, Asia, Africa and Western Europe.
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