Consumers trust financial institutions’ mobile banking offerings, study finds

A recent study by research consultancy Market Strategies International found that although many consumers continue to have concerns about the safety of mobile payment technology, they feel relatively secure about mobile banking options from financial services companies.

Specifically, nearly three-quarters (73 percent) of smartphone owners named their current banks as "most trustworthy," over Visa (67 percent), PayPal (62 percent), MasterCard (59 percent), American Express (54 percent) and Discover (49 percent). A total of 62 percent of standard mobile phone users said they trusted their current banks.

Ann Graham Hannon, vice president of the financial services division at Market Strategies, noted that financial institutions can use their positive reputations for protecting customers' money and personal information to their advantage.

"At this time, the banks appear to have a great business opportunity in their own backyards," she said. "Banks could identify existing customers with the highest propensity to utilize their mobile payment services and market directly to these high-potential prospects."

Javelin Strategy & Research's recently released report, 2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile, underscored that consumer satisfaction with mobile banking is high and adoption is increasing. 

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