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Infosys Survey Finds Mobile Banking Customers Love Ease and Convenience, Yet Reliability and Security Concerns Remain

BRIDGEWATER, New Jersey April 26, 2012

Infosys,

The Infosys survey also found that slow speed and a lack of confidence in the protection of their data are the top reasons consumers do not use mobile banking more often (31 and 30 percent, respectfully), followed by 26 percent who cite inconvenient viewing features (e.g., small font and other user interface issues).

Data Protection Fears Impact Use and Customer Experience

Interestingly, when comparing mobile banking users and non-users, a quarter of the former say that a lack of confidence in the protection of their data is a top concern,  and that number more than doubles to 60 percent among non-users.  Moreover, nearly all consumers polled (96 percent) feel most comfortable or secure while banking on their home computer, edging out comfort levels even at the bank itself (93 percent), on an ATM (84 percent), smart phone (83 percent), or work computer (only 52 percent).  

Additional findings of the Infosys survey shows:

  • Nearly half (45 percent) of consumers who do not use online banking believe that mobile banking is "experimental" or "dangerous," and more than a third (38 percent) say it is "scary." In fact, non-users are three times as likely to say "scary," and almost four times as likely to say "dangerous" than mobile banking users.
  • While 60 percent of consumers who do not use mobile banking cite a lack of confidence in the protection of their personal or financial data as a top concern, nearly the same amount (55 percent) share private information when updating their Facebook status on smart phones.
  • Nearly 80 percent of all consumers like the mobile banking benefit of 24-hour access to their account, but only 48 percent are happy with the speed of service and only 46 percent with ease of log in.
  • Reviewing data and balancing checking accounts are the most useful features of mobile banking (both cited by 71 percent of consumers), followed closely by having account accuracy with the same information from web to mobile device (69 percent).
  • Only 42 percent of consumers cite the ability to communicate with customer service as a useful benefit of mobile banking.

Ashok Vemuri

Is Mobile Banking ROI Worth It?

Other key findings confirm the increasing investments and industry buzz around mobile banking: consumer interest is on the rise. Nearly 60 percent of all respondents say their view of mobile banking services has improved over the past year. In addition, the majority (61 percent) of non-users say they are likely to try mobile banking in the future.

"With ever-increasing smart phone adoption rates, it’s perhaps no surprise that interest in mobile banking also is on the rise," Vemuri said. "We continue to see the business case for technology investments here, yet for many financial institutions, the newly mobile world is still a daunting place. The Infosys study underscores that to get the most ROI, banks must provide the same comfort and trust level across channels – online, in the branch, or on a mobile phone."

between February 22 and February 27, 2012 the United States

About Infosys

Many of the world’s most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.

http://www.infosys.com

Safe Harbor

India India March 31, 2011 June 30, 2011 September 30, 2011 December 31 http://www.sec.gov

SOURCE Infosys Ltd

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