Survey: Rising Willingness to Pay for Enhanced Mobile Banking
New research from Boston-based financial services consulting firm ath Power underlines the immense popularity with consumers of mobile remote deposit capture (“the most sought after mobile banking feature,” said ath Power executive Michael McEvoy) and it also claims that there is rising consumer readiness to pay fees for mobile banking.
In last year’s ath Power survey, 81% of respondents said they would not pay for mobile banking. This year, said McEvoy, that number dropped to 68%. That means about one in three say they might pay for the service, stressed McEvoy.
He caveated that claim by indicating that where consumer willingness to pay climbs is when they are exposed to advanced mobile banking features such as remote deposit, photo bill pay, and use of voice to authenticate the user.
According to McEvoy, voice recognition would motivate one in three mobile customers to use mobile banking services more, while voice authentication would encourage many non-users to adopt mobile banking.
Mobile banking, said McEvoy, is a “clear opportunity” to build customer loyalty and perhaps also to drive revenues.
Security worries remain a large issue, however, with “almost half” of mobile banking customers “unwilling” to use bill pay due mainly to security worries, said McEvoy.