I got a copy of a fascinating survey by ING yesterday on mobile social banking. The survey asked 12,000 people in 12 countries in Europe about banking in the digital age, and here’s their summary of the main conclusions:
1. More than a third – or 37% – of consumers already use mobile banking. The Netherlands is the most developed mobile banking spot, based upon the measure that takes internet penetration into account. Turkey is the mobile banking hotspot, with the largest share of internet users who use mobile banking.
2. The uptake of mobile banking is much stronger for under 35s and for people who frequently use social media, groups seen to indicate future trends. It suggests mobile banking will become increasingly popular.
3. People who use mobile banking say they are managing their money differently. Most report feeling more “in control” of their money, checking their account more frequently, paying bills on time more often and being overdrawn less often. These insights into changing behaviour are, however, based on what people say they are doing rather than actual, transaction-based evidence (and the two can differ).
4. The security of contactless payments is still a concern to the majority in four of the countries surveyed – namely France, Luxembourg, Germany and Austria – and almost a fifth of European consumers don’t know if they are confident in the security. Younger people are more comfortable with contactless payments, again suggesting this form of payment may become increasingly popular.
5. Even as technology advances, traditional, printed cash is still a popular device to monitor and keep control of spending. Half of European consumers agree they prefer to use cash when shopping because it is easier to see when they are spending too much. This rises to a high of 61% in Spain. It is popular among under 25s as well, with 64% agreeing. It is a fascinating insight against the backdrop of the rise of “cashless” bank cards and contactless payments and the apparent contrast with their widespread acceptance by younger people.
6. Social media plays a role in the way people interact with their bank but traditional word-of-mouth still tends to be the most powerful force for recommendations. People are most interested in finding information about and getting tips from their bank via social media. They are less interested in offers of products and services.