Mobile Management Featured Article

Results from a recent study conducted by the audit, tax and advisory firm, KPMG LLP, has found that mobile banking and the use of mobile devices such as cell phones, smartphones, and personal digital assistants for financial transactions and payments are increasingly gaining acceptance among U.S. consumers. 

According to KPMG's fourth annual Global Consumers and Convergence (News - Alert) survey involving more than 5,600 people in 22 countries worldwide, consumers age 16 to 24 conducted mobile banking the most with 33 percent indicating they had conducted banking on a mobile device. 

However, there are many consumers who are not confident enough to use mobile devices for financial transactions.  With 52 percent citing security and privacy as the primary reason for their lack of confidence.  

Interestingly, nearly three-quarters of U.S. respondents said that their current bank either does not offer banking through a mobile device or that they did not know if their bank offered this service.

This shows that time has come for banks to take serious steps to promote and popularize the concept of mobile banking among customers. It becomes even more essential for the U.S. financial sector as the rest of the world is fast catching up with mobile banking.

“Mobile banking is gaining popularity and acceptance as consumers discover the utility it provides and the secure nature of the platform. To continue to spur adoption, banks may need to continue to educate consumers about the security of the mobile banking environment and further promote the availability of this vehicle that helps make banking more accessible and convenient,” Carl Carande, a principal in KPMG LLP's Banking and Finance Advisory practice said.