Are U.S. consumers ready to adopt mobile banking?

04.12.09
By Timothy Jones

Managing personal finances has become an increasingly challenging task for many Americans given today's economy. From managing credit card balances to home loan payments, many consumers are searching for an easier way to manage their money - but without an additional fee.

Is mobile banking a way to help you stay better informed of bills and accounts coming due?

According to the results of KPMG's Global Consumers and Convergence survey, 85 percent of U.S. respondents say that mobile banking is "important," but likely a no-go if there is an associated fee.

Given that 91 percent of survey respondents from the U.S. have never attempted a bank transaction through a mobile device, perhaps some additional consumer education is necessary.

Since most U.S. consumers are already juggling a number of financial accounts, mobile banking could give some individuals added convenience.

"Consumers value banking services that make their lives simpler and more manageable and mobile banking affords this convenience, so banks that address concerns over security, privacy, and costs may be better able to retain existing customers and attract new ones," said Carl Carande, a principal in KPMG LLP's Advisory and Banking and Finance practices.

The survey shows that consumers are not only hesitant or unfamiliar with mobile banking, but the overwhelming majority hadn't used a mobile device to make a purchase on a retailer's ecommerce site either.

Perhaps that trend will change, though. A recently released economic index from RBC Bank shows that consumer confidence improved significantly in March. Some wonder if consumer spending will follow suit, but it is likely too early to tell.

More Personal Finance Articles | News Home | Discuss in our Forum

Money management may be simplified with mobile devices