“This study is a wake-up call to FIs to look into what consumers really want,” said Philip Blank, Managing Director, Security, Risk and Fraud. “First and foremost, FIs need to address consumers’ needs around security and communicate to consumers their commitment to creating a safe and trusted channel for mobile banking.”
As FIs forge ahead to build mobile relationships with smartphone users, they must neutralize mobile threats in order to build consumer confidence. These consumer responses reflect attitudes before the big data breaches of 2011, which affected more than 180 million personal records, and the malware attacks in early March 2011 on Google’s Android Market. These data breaches make consumers feel even more uneasy about using mobile channels.
“FIs need to get ahead of the problem and focus both on addressing security concerns and responding to consumers’ needs around mobile banking,” said James Van Dyke, President and Founder of Javelin. “Really listen to consumers and give them what they want. Our report clearly shows how the consumer prefers to do their mobile banking. That’s where FIs need to concentrate their development efforts to boost interest in mobile banking and –at the same time - respond to consumers’ significantly increased fears.”
Selected Key Report Findings – Smartphone Banking Security
- The key factor that mobile banking is lacking, and what FIs need to do to generate significant and compelling demand for mobile banking.
- The FIs that have the most active mobile banking consumers – and the surprising FI that ranks the highest.
- Details behind the rates of rates of mobile banking and purchasing and smartphone adoption by consumers.