Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Research: Smartphone Banking Security
Javelin Strategy Research has release a new report entitled: “Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears.”
Mobile banking adoption has stagnated despite explosive growth in smartphone adoption from 2009 to 2011.
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, it is imperative that FIs reassure consumers that mobile security is a priority.
Primary Questions
- 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?
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Methodology
For this report, Javelin gathered data from three different surveys administered in 2010 – 2011. Each survey collected data from a base of 3,000 to 5,000 consumers, representative of the general U.S. population. They were interviewed on a range of topics including, but not limited to, fraud, security services, and technology adoption.
- For questions answered by all 5,102 consumers in the March 2011 Financial Services Channel survey, the margin of error is &Plusmn;1.37 percentage points at the 95% confidence level. The margin error is higher for questions answered by subsegments. For longitudinal comparison, data from 2009 and 2010 was reweighted to the latest census targets according to the U.S. Census Current Population Survey (CPS).
- For questions answered by all 5,211 consumers in the March 2010 Financial Services Channel survey, the margin of sampling error is &Plusmn;1.39 percentage points at the 95% confidence level.
- For questions answered by all 3,100 consumers in the July 2010 Mobile survey, the margin of error is &Plusmn;1.76 percentage points at the 95% confidence level.
Audience: Financial institutions, mobile banking and marketing departments, credit card networks, credit card issuers, payment processors, mobile banking vendors, mobile payment vendors, mobile network operators, authentication technology vendors, authentication platform vendors.
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Title Index:
– Overview
– Methodology
– Executive Summary and Recommendations
– Smartphone Adoption
– Stagnation of Mobile Financial Activities
– Security Concerns with Mobile Banking
What is a Killer App?
– Consumers Prefer Mobile Optimized Browser Sites
– Companies Mentioned
Table of Figures
– Figure 1: Smartphone Ownership, 2009 – 2011
– Figure 2: Consumers Who Have Mobile Banked in the Past 90 Days by Primary Bank
– Figure 3: Mobile Banking Use by Smartphone Users, 2010 – 2011
– Figure 4: Purchases Made via Mobile Devices by Smartphone Users, 2009 – 2010
– Figure 5: Smartphone Owners’ Perception of Mobile Banking Safety, 2009 – 2010
– Figure 6: Smartphone Owners’ Perception of Mobile Banking Channels, 2009 – 2010
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Smartphone Banking Security: mBanking Susceptible to Consumer Fears
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
Fifth Third Bank to Offer Mobile Banking with ClairMail Solution
Fifth Third Bank has selected ClairMail to power its new mobile banking technology and services. ClairMail, Inc., a mobile banking and payments solution provider, will provide Fifth Third Bank with a solution to allow the bank’s customers better mobile access to their accounts, bill paying capabilities and real time personalized text alerts, thereby gaining greater control over their accounts and overall finances.
ClairMail’s scalable mobile platform also has the flexibility to allow Fifth Third Bank to connect to multiple financial systems and future-proof their mobile powered offerings.
“At Fifth Third we are committed to providing our customers with the most efficient and secure solutions to satisfy all banking needs,” said Larry McClanahan, vice president & director of digital delivery, Fifth Third Bank. “Due to increased customer demand in this rapidly growing market, we realized the need to adopt a comprehensive mobile solution. After extensive vendor evaluation, we chose ClairMail’s mobile platform to strategically grow our mobile initiative. Now our customers will have extended bank access through a service that goes everywhere and anywhere they are.”
The ClairMail mobile banking solution gives Fifth Third the ability to provide its customers with greater control over their personal finances through mobile web, SMS and a client application on most mobile devices, including the iPhone.
The platform lets customers perform various activities including checking account balances, performing account transfers and viewing transaction history. They will also have the ability to sign up for personalized alerts over SMS, while defining preferences for alert triggers (low-balance thresholds or event occurrences that activate alerts) and frequency.
“Fifth Third is dedicated to providing the highest quality financial products and services to its customers and realized the necessity to utilize ClairMail’s mobile banking and payments platform to provide an effective, convenient vehicle that satisfies customer demand,” said Pete Daffern ClairMail CEO. “Fifth Third’s commitment to an extensible mobile banking rollout demonstrates their forward-looking commitment to improving customer acquisition and retention, reduce costs and drive new revenue opportunities through the mobile channel.”
Source: MarketWire