People still fear mobile banking

oldbankA survey of US financial institutions that offer mobile banking show most people are still steering clear of it.

Ratewatch surveyed 10,000 US financial institutions and found that while 82 percent of institutions now offer mobile banking, only two percent of people use their mobile devices to access their bank accounts.

Instead, 62 percent of banking customers are still addicted to their branch as their primary way of managing their money.  While 29 percent use online services, presumably from their PCs, only two percent think their mobile device is their primary banking method.

Of the institutions which offer mobile banking services, 63 percent offered the ability to check account balances, transfer funds, and make loan payments. And 54 percent allow customers to pay their bills using a mobile service.

Ratewatch thinks that despite the convenience of mobile banking, many people still go to a building to perform complicated transactions or to make desposits using multiple cheques.

But despite the low take up, 70 percent of people under 30 and 51 percent of 30 plus people think mobile banking is a “must have” or “nice to have” facility.

Ratewatch believes the introduction of ApplePay may help spur more takeup of mobile banking services.