A recent study conducted in the U.K. and funded by BT found that customers want access to banking on their mobile phones. The study reported that more than one-third of those surveyed between the ages of 25 and 44 said that they would use SMS for transfer requests to their bank. More than 40 percent in the 18 to 24 age group said they would like the ability to use IM apps to get advice from financial advisers. People feel that text messaging is a more secure method of communicating bank information compared with emailing and phone calls because there is less of a fraud risk. In-person banking still remains the stronghold for such transactions. About 60 percent of those surveyed said that they visit their bank at least once a month.
For more on the demand for mobile banking:
- see this article from Fair Investment