Remote Deposit Capture, is the most wanted feature by mobile banking customers, according to a new mobile banking study conducted by ath Power Consulting.
Users also ranked Voice Authentication and Mobile Photo Bill Pay high in the 2013 ath Power Mobile Banking Study, released just this March. The study was the second mobile banking study ath conducted since last year.
One in 3 mobile banking users are more likely to pay for mobile banking now than they were just a year ago, when 1 in 5 stated they would pay for the service. As part of the research, ath studied 3,201 mobile banking customers from 380 banks and credit unions, while 223 current mobile banking users from 35 institutions were asked to login and perform specific tasks.
According to Michael McEvoy, the Managing Director of ath Power, more people said they would pay for mobile banking now than year ago because of these features. “There have been a number of significant improvements in what banks are offering in terms of mobile banking over the past year. That’s a major reason why people are more willing to pay for it,” says McEvoy.
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Other findings include that 2 out of 3 small business owners say they would consider leaving their current bank for one with better mobile experiences. Half of current mobile banking customers have security fears about conducting bill payment and fund transfers. Two in 5 mobile users do not receive alerts from financial institutions, which would provide real-time interaction.
ath Power Consulting is a firm that focuses on customer experience for banks and insurance companies.
“The purpose of [the study] is to understand customer sentiment around mobile banking in terms of what they like, what they don’t like; [and to study] various topics like what their concerns are, like security for example, and what it would take for them to use mobile banking services more,” says McEvoy. The researchers also sought “to understand the sentiment about what’s being offered currently and what’s being offered and their willingness to pay for it, and so on.”
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio