A third of customers said they have used mobile banking while concerns regarding the security and privacy of this technology persist, according to a new survey.
KPMG LLP’s fifth annual consumers and convergence survey, released on Wednesday, found that 33% of people have conducted banking transactions on a mobile device. This was a jump from 19% last year and 9% in 2008. Online banking or visiting a branch was still preferred by 57% of respondents.
Security and privacy concerns were cited by 39% of people as preventing them from using mobile banking. Respondents said they were specifically worried about credit card information being intercepted, unauthorized parties accessing personal information and receiving unsolicited promotional materials.
Almost three-quarters of respondents said that the brand or reputation of the service provider was very important in gaining trust regarding data privacy and security.
The survey by the advisory firm also found that 23% of consumers were very willing to use their mobile phones as a wallet.