Banking blues?
Whether a bank offers mobile banking is becoming a factor in consumers' choice a bank, according to a new survey.
It would appear mobile banking is currently attracting business users and high-flyers as half of people who use mobile banking use it for stock trading, according to research company Synovate's Mobile Banking Perception Study.
The report surveyed 915 adults living in Hong Kong in October and deduced that 4 percent of Hong Kong residents currently use mobile banking, which is expected to catch on.
Cindy Chan, associate director of research for Synovate in Hong Kong, said: "Though usage of mobile banking seems low at this time, given the current ownership of smartphones with the ability to conduct mobile banking at 39 percent and how recent mobile banking was introduced to the market, this figure is not bad at all."
She believes more people will adopt mobile banking as smartphones become the norm. "Findings show that of those surveyed who own a smartphone, 11 percent are already using mobile banking," she added.
Of the early adopters of mobile banking, almost half of people have used it in the past 12 months to buy and sell stocks, while one in three have bought foreign currencies and a quarter have purchased other banking products.
"This is a promising channel for banks, seeing these strong figures of product take-up through mobile banking. We are also seeing that 41 percent of mobile banking users surveyed have looked up banking-related promotions and discounts through this channel. For banks, this type of digital marketing initiative is cheaper than above the line activities and can be more easily tailored to the needs of different customers," said Chan.
The study found that for banks with mobile banking services, over 80 percent of respondents perceive them as keeping up with changing times and meeting their needs. It also discovered that over half of respondents said a bank with mobile banking offerings will prompt them to use that bank's services more with high earning 30 to 44 year-olds particularly enthusiastic.
Chan said: "These figures are strong indications that availability of mobile banking creates an impact on consumers' overall perceptions toward the banks. Across all Hong Kong respondents surveyed, whether they are current users of mobile banking or not, over 60 percent think banks that offer mobile banking are superior to other banks."
