Wednesday, 11 May 2016 01:35

UK and US mobile banking: 98% of UK users happy, but there's a problem

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London, we have a problem: nearly 1 in 3 UK mobile banking customers would consider changing banks after a bad mobile experience, but US banking customers aren't as worried. 

A consumer survey conducted by leading mobile commerce analyst firm Juniper Research has found ‘near universal satisfaction amongst UK mobile banking users, with 98% of those surveyed stating that they were “very happy” or “quite happy” with their service.’

However, the survey also found that with ‘mobile access now perceived as a key pillar of a bank’s offering, 31% of mobile banking users would consider changing banks if they had a bad experience with their service.’

In the US it was much less of a concern, where users display ‘similar levels of satisfaction with the service, but only 16% of respondents would consider leaving their current bank – suggesting that the mobile platform is less critical to their banking experience.’

Trust - a ’key barrier.’

According to the survey, Juniper says that ‘while 70% of UK respondents now use mobile banking services, a lack of trust in online services remains a key barrier to non-users, together with a preference for alternative engagement channels such as in-branch services.’

This, Juniper argued that ‘to increase overall adoption, the trust issue would need to be addressed, particularly amongst older consumers where there was a greater prevalence of non-users.’

More below, please read on.

The survey also explored US and UK consumers’ attitudes towards contactless payments, with key findings including:

  • Half of current contactless card users in the US expect to use another method of contactless payment in the future, such as a smartphone or wearable.
  • 23% of respondents who do not use contactless payments in the UK are expect to start using smartphone or wearable-based contactless payments in future, slightly more than expect to use contactless cards.

The ‘Contactless Payments & Mobile Banking: Consumer Market Surveys’ for the US and UK markets form part of ‘Juniper’s ongoing analysis of the rapidly evolving digital payment and banking sector and is now available to download from the Juniper Research website.’

Juniper has shared the infographic below:


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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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