Nearly 40% of 2,084 people who participated in an online survey said they are using mobile banking, according to a Consumer Attitude Report released by the Missouri Credit Union Association in St. Louis.
The non-scientific, statewide survey also found that across all age groups (18 to 65+), Missouri consumers use mobile banking primarily for confirming payments, balancing checking accounts, transferring money, account alerts and paying bills.
Smaller numbers of consumers said they are using mobile banking to deposit funds, making credit card or loan payments, and downloading data.
Among the survey respondents who said they don’t use mobile banking, the majority (943) were age 45 or older.
When all respondents were asked why they don’t use mobile banking, the following reasons were given in ascending order:
- I don’t have a smartphone
- I have no need for it
- I have security concerns
- I don’t know how to use it
- My financial institution doesn’t offer it
The MCUA survey noted, however, that consumers also said the primary reason for not using mobile banking is because they lack the technological capability, but they did not have a negative opinion of mobile banking.
When asked how likely they were to use mobile banking in the future, more than 36% said, “It’s only a matter of time until mobile banking is the primary method for conducting financial activity,” according to the MCUA survey.
MCUA’s survey also measured consumer attitudes about the economy, student loans, retirement and home ownership.
Of the 2,084 Missouri consumers who filled out the online survey from June 15 to July 15, 66% were female and 34% were male, the league said.
MCUA member credit unions were asked to link the survey to their websites, social media platforms and e-mail lists.