Mobile Banking Crucial Requirement for Financial Firms: Javelin Report
According to a study by Javelin, mobile banking has become a 'must-have' for the financial institutions because of an increase in adoption by customers as well as an increase in the usage of smartphones. The study revealed that the usage of mobile banking among consumers has soared from 19 percent to 30 percent during 2011, following two years of flat growth.
Moreover, the report showed that 80 percent of financial technology providers are now offering “triple play” which provides the ability to mobile bank using apps, SMS text messages as well as mobile Internet. Meanwhile, the study also indicated that security is a major problem, and almost half of the consumers who were questioned, said that security worries are the main reason stopping them from using mobile banking.
Oct 05, 2011