Money and mobility

Tools

I came across an interesting study by Deloitte University on financial services and mobility.

For the study, Deloitte surveyed 2,193 consumers with a smartphone and bank checking account and found that a high percentage were not aware that financial service mobile apps were available to use, and many of those who were aware of the apps were reluctant to use them because of security, privacy and usability concerns.

While most major banks, insurance companies and investment firm have deployed mobile apps, many are not fully using mobile technology to increase customer engagement, the Deloitte report finds.

To increase mobile customer engagement, Deloitte recommends that financial services firms implement a four-step model. Firms need to: 

  1. Generate awareness of its mobile products. 
  2. Push for consumer adoption.
  3. Ensure regular use.
  4. Deepen engagement through mobile connections and services.

The survey found that 61 percent of respondents said that they do not use mobile devices for financial services because of security concerns.

To address their security concerns, 80 percent favored a more secure Wi-Fi or mobile network, the same percentage favored a system to disable a stolen mobile device, 72 percent favored biometrics to provide secure mobile identification, 67 percent favored GPS-based fraud sensing, 57 percent backed a pre-established limit on dollar amounts for mobile transactions, and 54 percent support restricting mobile transaction to a preapproved list of people.

"Implementing such concrete security measures, then calling attention to such efforts in advertising and social media campaigns designed specifically to address such concerns, could perhaps help overcome lingering consumer hesitations about accessing personal financial information or transacting financial business over smartphones and tablets," the report noted.

As financial services firms grapple with how to best use mobility to their advantage, increasing consumer engagement and reduce consumer security worries will be the key to success. - Fred