Banking customers are reluctant to use mobile features due to security risks, according to a survey conducted by Kaspersky Lab in association with IDC Financial Insights.

Of the 36% respondents not using mobile banking at all presently, 74% cited security as the key reason, though active mobile banking users also expressed similar concerns.

Of both, users and non-users of mobile banking, 85% said that they would increase their usage to ‘some extent’ if there was more security and nearly half (44%) of those surveyed said that they would ‘significantly’ increase their mobile banking usage with more security.

Kaspersky Lab global head of fraud prevention Ross Hogan said: “As financial organizations continue to expand their self-service offerings to drive revenue and increase customer convenience, it’s important to proactively approach security technology for consumers’ mobile devices in the same way banks approach security for their own PC-based solutions, web offerings, and technology networks.

At present, customers also do not see a promising future for mobile banking in their lives, with 32% of respondents claiming that they do not ever foresee using mobile as the primary channel.

IDC Financial Insights research director Marc DeCastro said: “Consumers are concerned about security on their mobile devices, which has limited adoption of high margin mobile banking and payment activities including account opening, payments and transfers using a mobile phone.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

“As the next generation of online, mobile first and mobile only customers begin to explore digital banking choices, financial institutions that have and promote stronger security will attract and retain these customers more easily than those who do not.”