How lovemoney.com readers feel about mobile banking
Last month, lovemoney.com readers took part in a survey looking at their mobile banking habits and concerns. Let's see what you had to say.
Recently, we questioned the lovemoney.com readership on their views on using mobile phones for banking.
1,443 of you took part, with a significant proportion (69.5%) confirming they banked with a firm that had a mobile app for managing money on the go.
What the survey revealed is that although mobile banking seems to be fairly popular, many people are worried about security and consider it the most important factor when deciding whether to use these apps.
How popular is mobile banking?
Almost half of you (48%) use mobile banking, though only one in ten respondents said that it was their most common method of banking. However, this was only very slightly less than those who said they most commonly visited a branch, while only 3% used telephone banking most frequently. Online banking dominated this question, with 76% saying it was their most common method of banking.
When it comes to checking account balances, online banking was still the most common with a 64% share of the spread, but mobile banking actually outstripped ATM use (21% to 9%).
Among those who use a mobile banking app, 26% used it every day and a further 40% once a week.
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What were the issues?
61% of you told us that the most important factor in convincing you to bank using a mobile would be knowing that it was secure. While ease of logging in and use were also concerns, 90% were worried about the security of such services, making it the largest barrier stopping people from using a mobile banking app.
What would you use the most?
Our survey showed that the majority of people (59%) would mostly use a mobile banking app to check their balance, but a significant 20% wanted to use it to move money between accounts, and 16% to pay someone.
Are mobile apps the future of banking? How could security fears be alleviated? Let us know your thoughts in the comments below.
We’ve got an iPhone 5S up for grabs in our free prize draw – enter here.
More on mobiles:
The UK’s mobile phone theft hotspots
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