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May 12, 2016

Juniper Finds UK Consumers Satisfied with Mobile Banking

Financial services analyst and research group Juniper Research recently completed a study of U.K. banking consumers to determine their satisfaction with mobile banking.

Juniper found that 98 percent of its surveyed population reported a high degree of satisfaction; those respondents said they were either “very happy” or “quite happy” when asked about their general feelings toward mobile banking. Despite that praise, however, one large caveat could frustrate some banks: 31 percent of respondents said they would consider switching banks if they had a bad experience.

These feelings come from an estimated 70 percent of the U.K. population – the percentage that the study revealed use mobile banking. Although the customers appear happy with their current situations, banks may walk through a mine field each day because there is a high risk if they misstep. Juniper called mobile access a “key pillar” of modern banking. It appears that many institutions are doing well at constructing their pillars. Their focus now should shift to retaining customer loyalty.

Fortunately, this mobile banking study also noted one of the key barriers that customers say keeps them from using mobile in the first place: trust. The 30 percent of respondents who said they do not currently use mobile banking also commented that they had a lack of trust in online services. This lack of trust pushes them toward in-bank services such as those individuals can find with a teller.

Juniper suggested that the key to increasing overall adoption of mobile services will come through increased trust. Banks can build this necessary element by keeping customer data safe and ensuring that mobile transactions will remain as secure as those completed within brick-and-mortar branches. Outside help from authentication applications could help move forward such an initiative.

There is also room for banks to build trust when it comes to contactless payments, such as those made through contactless credit cards or smartphone apps. The rise in mobile banking, which would presumably occur within mobile apps, is expected to rise at a slightly higher pace than the use of cards in the coming year. Banks’ programs that educate the public about the security inherent in apps and contactless cards could improve adoption rates across the board.

Edited by Maurice Nagle

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