87% Of Millennials Use Mobile Banking; Security Still Top Barrier

 

Consumer expectations have both an upside and a downside for the growth of mobile payments. We know from numerous studies that there are various barriers to masses of consumers jumping onto the mobile payments bandwagon. While retailers have been gradually upgrading sales terminals to be able to accept various mobile payment methods, such as Apple Pay and Samsung Pay, consumers with capable phones still have been reluctant to give up paying by cash or credit card. Banks, on the other hand, have been meeting many mobile expectations. One recent study found that many customers are quite active and happy with mobile banking, as I wrote about here recently (78% Satisfied With Mobile Banking, While Mobile Wallet Purchases Drop). The amount of mobile banking activity is also based partly on the demographics of the consumer, based on a new study. It turns out that a large majority (87%) of those 18 to 35 years old already use mobile banking, according to the quarterly consumer trends survey, comprising a survey of 3,000 U.S. banking customer conducted by Harris Poll for Fiserv. Mobile essentially is transforming the banking experience for consumers. Here are some of the ways: 51% — Say mobile will change the way they bank in the future 44% — Mobile has already changed the way they bank 41% — Millennials who would leave their wallet at home if they could store all of the information they need in a digital wallet The way consumers are using mobile banking also is… MORE …

87% Of Millennials Use Mobile Banking; Security Still Top Barrier

Source: Mobile Insider