Study: ‘’Mobile owners are increasingly utilizing mobile devices for banking transactions and account management’’.

With the increasing demand and the adoption of the Smartphones, we observe progressively that the possibilities are countless in terms of features, technologies embarked, business opportunities, type of content, to name a few.

Regarding the mobile banking, m-commerce, for instance, we observe lots of excitements. During the SAP Financial Services Forum North America, being held on September 18-19 in New York City, Connectikpeople has discovered the findings of a global study across 17 countries on cultural, economic and technology trends impacting

consumer mobile appetite and how addressing consumer concerns can expand the opportunity and motivate greater use of mobile commerce services.

Connectikpeople has discovered that, the research shows that globally mobile owners are increasingly utilizing their devices for banking transactions and account management. Half of the respondents surveyed turn to their devices to pay a bill (55 percent), make a bank transfer (52 percent) and set up a new account (48 percent).

Nearly half of mobile users (48 percent) already use their devices for banking transactions and account management. 36 percent of mobile users maintaining three to five bank accounts, 31 percent holding six or more bank accounts and 61 percent indicating that it would not be easy for them to get to a bank branch on a daily basis. This means, convenience is one of the drivers for mobile banking adoption.

Connectikpeople has also discovered that, the SAP research pinpoints that the ability to use a mobile device at any time of the day (51 percent), on the go (51 percent) and with speed (50 percent) and convenience (50 percent) are seen as clear benefits for increasing consumer mobile adoption. ‘’However, there are still barriers that banks should address, including the hassle factor of having to enter a lot of personal information (46 percent), safety concerns (45 percent) and Internet access at the point of purchase/transaction (43 percent)’’.

Note: The research was conducted with 12,424 adults over the age of 18 globally who own a basic mobile or smartphone device. Respondents completed an online survey between March and April 2013.