According to Research and Markets, mobile banking adoption has stagnated despite explosive growth in smartphone adoption from 2009 to 2011, and the company attributes the slowdown to consumer fears over mobile banking security.
In 2009, one in four smartphone owners considered mobile banking unsafe. One year later, 40% of smartphone owners felt the same way. As financial institutions push forward, offering innovative and convenient financial options to a new mobile generation, consumers are left questioning whether security was sacrificed in the rush toward innovation.
In the context of the recent infiltration of malware into the Android Market, the company notes that it is imperative that FIs reassure consumers that mobile security is a priority.
Research and Markets has announced the release of a new Javelin Strategy & Research report entitled “Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears.”
Primary questions covered:
- What is the rate of smartphone adoption?
- What is the growth rate of mobile banking and purchasing?
- What are some factors that are inhibiting the adoption of mobile financial activities?
- How can FIs encourage mobile financial activity?
Companies Mentioned:
- Apple
- Bank of America
- BB&T Bank
- Chase
- Citibank
- Citizens
- Fifth Third Bank
- HSBC
- IBM
- Key Bank
- Microsoft
- PNC
- Regions
- RIM
- SunTrust
- TD Bank
- US Bank
- USAA
- Wachovia
- Wells Fargo
More information: Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears
Source: Business Wire