One-third of consumers have used mobile banking, but concerns regarding the security and privacy of the technology persist, new survey data suggest.
KPMG LLP’s fifth annual consumers and convergence survey, released on Dec. 21, found that 33% of the 300 consumers who responded in September had conducted banking transactions on a mobile device. This was a jump from 19% who said so last year and 9% who did in 2008. Online banking or visiting a branch was still preferred by 57% of respondents.
Security and privacy concerns were cited by 39% of respondents as preventing them from using mobile banking. Respondents said they were specifically worried about crooks intercepting credit card information, unauthorized parties accessing personal information and receiving unsolicited promotional materials.
Almost three-quarters of respondents said the brand or reputation of the service provider was very important in gaining trust regarding data privacy and security.
The survey also found that 23% of consumers were very willing to use their mobile phones as a wallet.
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