OMG! A Surge In Interest In Mobile Banking Services

BROOKFIELD, Wis. - A new survey indicates consumer interest in mobile banking and payments services offered by their financial institution has increased significantly in the past two years. The study, sponsored by Fiserv and conducted by MQA Research of 1,007 U.S. consumers, found 75% of those surveyed say they would consider using mobile banking services if offered. That's up dramatically from the 49% who expressed a willingness to try mobile banking services in a similar survey conducted in March 2006, the company noted.

Other findings:

* Not surprisingly, youth are heavy users of cell phones and other mobile devices and have the strongest appetite for mobile banking services.

* 83% those ages 21 to 34 indicate they would consider using mobile banking services if available, compared to 75% among respondents as a whole.

* For those who have not yet adopted mobile banking, 72% of respondents indicated security concerns, but 82% of consumers say they would sign up with their financial institution for mobile security text messages that would alert them of password changes and other access changes, while 79% would sign up for account balance alerts.

* Cost was the second-most cited concern (48%) about mobile banking services.

For info:www.fiserv.com/mobilesolutions_relsvcs.htm. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com/ http://www.sourcemedia.com/