Mobile banking is on the rise and set to continue to be taken up by more businesses.
According to a recent study by global financial services business intelligence company, RFi, more than one third of Australians use their mobile phone for banking. The study showed that 38 per cent performed at least one mobile banking task such as checking balances and transferring money, while 14 per cent have performed at least three different mobile banking tasks.
More than half of the people surveyed (55%) stated they owned a smartphone. Among those who used mobile banking, the most common reason to do so was to check balances and transactions (36 per cent) while 23 per cent used mobile banking to transfer money. Other main uses were to pay bills (21 per cent), find an ATM (15 per cent) and find a branch (12 per cent).
Australians, perhaps surprisingly given their high adoption rates of smartphones, have not been as quick to adopt mobile banking as people in some other parts of the world. A global survey of 9600 people in 31 countries conducted by KPMG earlier this year showed 36 per cent of Australians used mobile phones for banking. This compared with 52 per cent globally, 60 per cent in Asia and 30 per cent in both the US and UK. With smartphone ownership expected to continue to increase, and improvements being made to phones as well as to banking apps mobile banking will become increasingly more common.
For busy business people, mobile banking can be convenient and save time and money. Sometimes people want to go to a branch or speak to someone on the phone but mobile banking offers another service choice for business. Mobile banking is just as secure as internet banking with funds covered by the same security features. Financial information which is accessed using your mobile phone is not stored on your mobile phone at any time.
Greg Taylor is Deputy CEO and Chief Financial Officer for the Hunter-based Greater Building Society. This blog also appeared in the Newcastle Post 17th October.