Survey Finds Vast Majority of Consumers Willing to Use Mobile Banking with Anytime, Anywhere Access to Account Information and Financial Services
BROOKFIELD, Wis., Sep 09, 2008 (BUSINESS WIRE) -- Consumer interest in mobile banking and payments services offered by their financial institution has increased significantly in the past two years, according to new findings from a consumer research study released by Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry. Research revealed that 75 percent of those surveyed say they would consider using mobile banking services if offered. That's up dramatically from the 49 percent who expressed a willingness to try mobile banking services in a similar survey conducted in March 2006.
"This research shows that consumer adoption of mobile banking services is poised for potential rapid growth," said Bob Homer, vice president of product management, Fiserv Electronic Banking Services. "Consumers perceive the value of accessing financial services on their mobile devices as a convenient way to interact with their financial institution."
The new survey was conducted in April 2008 for Fiserv by MQA Research and was based on findings from 1,007 U.S. consumers at least 18 years and older, who use a cell phone at least once each week. The survey has a margin of error of plus or minus 3 percent.
Heavy users of cell phones and other mobile devices, as well as younger consumers, have the strongest appetite for mobile banking services that help them gain control over their finances with instant access to account balance information. Eighty-three percent of those ages 21-34 indicate they would consider using mobile banking services if available, compared to 75 percent among respondents as a whole. The most popular mobile banking activities among younger consumers include checking balances, locating an ATM or branch, and receiving and paying household bills.
Adoption of mobile banking and payment services is growing. When surveyed in 2006, use of a cell phone for financial activities was non-existent, yet two years later 23 percent of respondents say they currently use their cell phone or other mobile device to conduct mobile financial activities such as checking account and credit card balances or contacting customer care at a financial institution.
For those who have not yet adopted mobile banking, security continues to be a concern as 72 percent of survey respondents indicated they worry about the security of accessing their financial data using wireless devices. Yet, 82 percent of consumers say they would sign up with their financial institution for mobile security text messages that would alert them of password changes and other access changes, while 79 percent would sign up for account balance alerts.
Cost was the second-most cited concern (48 percent) about mobile banking services. The survey also reveals that consumers under age 35 are less bothered than older segments with traditional barriers cited in the study to new technology adoption such as lack of knowledge about how services work and the "loss of a paper trail," making this 34-and-under age group a primary potential target for marketing campaigns launching mobile financial services.
For the complete results of the survey on mobile banking trends go to http://www.fiserv.com/mobilesolutions_relsvcs.htm
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
SOURCE: Fiserv, Inc.
Fiserv Internet Banking and Payments Group Sheryl Roehl Director, Public Relations 678-375-1682 email@example.com or Fiserv, Inc. Lori Stafford-Thomas Assistant Vice President Corp. External Comm. 262-879-5130 firstname.lastname@example.org
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