Majority prepared to sync finances to mobile apps
Written by Hannah McGrath
Nearly three quarters (72 per cent) of consumers would be prepared to sync their personal finances on their mobile phones, according to Google.
The survey of more than 500 mobile users, carried out by Google Consumer Surveys for Webpals Mobile, a customer acquisition company, also found that around a quarter of consumers of all age groups are principally using digital banking services through apps or websites.
The study showed growing use of mobile phones for financial transactions and banking services, with more than 70 per cent saying they had used a mobile finance app in the previous week.
Meanwhile there was a generational divide in trusting in the process of synchronising personal finances with mobile-based apps. Just 9. 7 per cent of Generation Z users said they distrusted syncing their financial data with their mobile, compared to 13.1 per cent of Millennials, 14.8 per cent of Generation X and 23.3 per cent of Baby Boomers.
Just 10 per cent of respondents admitted to having downloaded a finance app but never using it, while a third said they had no other budgeting or personal finance app other than their bank’s app.
The survey also showed that across all age groups, attitudes towards mobile banking apps were becoming more positive, with more than half (56 per cent) saying that the level of customer service they receive on the app is the same as in person, while almost 30 per cent of Gen X consumers (aged 54-74) judged it to be superior when it comes to advice and information.
Inbal Lavi, chief executive of Webpals Group, said that the survey highlights just how trusting consumers have become with their mobile applications.
“Today’s banking customers want the ease of financial apps but the same trust and respect they have been accustomed to for years with traditional banking,” he continued. “While potential customers are often familiar with brick and mortar branches, we can expect to see a steady increase in the rise of mobile finance consumers.”