A new study on mobile banking shows that only one in 10 consumers use their phone for banking transactions. But more importantly, the report from marketing research from Morpace shows that two-thirds of users aren’t aware whether their banks offer mobile banking services.

“This somewhat limited familiarity with mobile banking helps account for
relatively modest interest levels at present,” according to a Morpace news release, which tracked interest at a rate of only 4.3 out of 10 users.

“As might be expected, younger people—particularly those in the 18-34 segment—have the highest awareness, current use and interest levels of any of the subgroups we examined,” said Tim Taylor, head of the Morpace Financial Services practice, according to the news release. “As awareness and interest in mobile banking spreads to other age groups, and given the speed of technical adoption, we expect to see a steep increase in these measures.”

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