The banking industry has gone through a lot of changes over the past several years. Technology led to more people paying bills and accomplishing other banking related tasks online. And now banking is going mobile. Plenty of banks have dedicated mobile apps, and others can at least be accessed on mobile devices. So how many people take advantage of online or mobile banking options?
In Ask Your Target Market’s latest survey, 68% of respondents said they currently own a smartphone and/or tablet. Of those respondents, 23% said they often use mobile banking apps or features on their smartphone or tablet. 33% said they sometimes use mobile banking. 12% rarely use mobile banking. And 32% said they never do.
One concern that could be keeping some people from using mobile banking is the security of mobile devices and accounts. In fact, 49% of mobile device owners who don’t use mobile banking said that security concerns definitely play a part in their decision not to use mobile banking. 27% said that security concerns somewhat impacted their decision not to use mobile banking. And 24% said that security concerns don’t have anything to do with why they don’t use mobile banking.
Of those who do use mobile banking, 28% said they are very concerned about their account security. 44% said they are somewhat concerned about mobile banking security. 25% said they are not very concerned about security. And just 3% said they are not concerned at all.
Although not everyone has a smartphone or mobile device to access online banking options, most people have access to the internet in some way. So online banking options are still a bit more prominent. 35% of overall respondents said they often use online banking features. 23% said they sometimes do their banking online. 8% rarely use online banking. And just 33% of respondents have never used online banking.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on October 27 via AYTM’s online survey panel.