Base: 95 (Those who said there are aware of mobile banking and/or their bank provides the service) Source: DATAQUEST

Security Tops: Of the people who are both aware of and use m-banking services, most say "security" is a key concern. While there’s hardly any security risk in sending SMS’, a perception about it is there—banks, therefore, need to educate consumers on this front. The next reason is that people generally feel more comfortable making physical transactions. This may seem technology-unsavvy, but this is borne out by the global IDC survey too. According to that survey, "inertia" was significant across the board. In the case of mobile payments, willingness to pay bills "the old-fashioned way" was cited by 15% of respondents, indicating that mobile payments must show a clear value-add over cheque-writing. One important factor to be addressed by banks in the future would be that of trust. Today, lack of service availability is the concern for potential users, but that should be addressed in coming times. Banks may face a slowdown in the takeoff of their mobile service offerings if they fail to address the user’s top concern—can the bank maintain confidentiality or do messages get intercepted? In the IDC survey, nearly 18% cited it as a concern for alerts, with respondents concerned over information being intercepted. Interestingly, even in a price-conscious country like India, not many were worried about any add-on costs that they would have to pay.

WHY DO YOUUSE M-BANKING SERVICES Base: 95 (Those who said there are aware of mobile banking and/or their bank provides the service) Source: DATAQUEST

As mentioned in the story, savings on time is the key factor pushing mobile banking. Forget about going to the nearest ATM or even logging on to the Internet via the PC, or using the landline for phone banking and waiting... Get clicking on the mobile keys, send an SMS, and voila—you have your answer. Saving time and ease of usage will be the key enablers for mobile banking services.

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