October 25, 2007

European Mobile Banking: An Inconvenient Truth

Most Large Banks Offer Mobile Banking But Few Consumers Use It

This is the second document in the "Mobile Financial Services" series.

by Benjamin Ensor

with Alexander Hesse, Michelle de Lussanet, Niek van Veen, Lizet Menke

Executive Summary (This is a document excerpt)

Although most leading European retail banks offer mobile banking services based on SMS and mobile Internet to everyone with a capable phone, only 5% of Net users use them today. Those who do tend to be young, technology-savvy males with above-average incomes who already bank online. They predominately use their mobile for simple interactions like balance checks and SMS alerts. Why is adoption so low? Nonusers say they don't see the benefits, are not aware that it is available to them, or have security concerns. Banks offering mobile banking should broaden awareness for simple, timely, and location-relevant applications among young, technology-savvy online banking users.

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