As the on the go consumer continues to be empowered by new mobile applications and devices, the number of users is also rising. For the banking industry this means an increase in the number of users looking to access their financial information whenever they need it.

 

In fact, in the past two years, the number of users interested in using mobile banking and payments services has gone up.

 

According to a research survey conducted in April 2008 for Fiserv by MQA Research, 75 percent of consumers are considering using mobile banking. In March 2006, a similar survey by the company resulted in 49 percent of consumers willing to try mobile banking.

 

While in 2006 cell phones were not being used for financial services, consumers are now using their mobile devices for checking account and credit card balances and to contact customer care.

 

Most usage of mobile banking services is coming from heavy cell phone and mobile device users as well as younger consumers who are making use of the ability to check on finances like balance information instantly. Younger users also said they are using mobile banking services to locate an ATM or branch and to receive and pay household bills.

For all those consumers still hesitant about using mobile banking services security was a main concern. While 72 percent of respondents said wireless access to their private information worries them,  82  percent did say they would sign up for mobile security text messages if offered by their financial institution that would provide text alerts of password changes and other access changes.

 

“This research shows that consumer adoption of mobile banking services is poised for potential rapid growth,” said Bob Homer, vice president of product management, Fiserv Electronic Banking Services. “Consumers perceive the value of accessing financial services on their mobile devices as a convenient way to interact with their financial institution.”

 

Fiserv recently introduced its eBILLPLACE.com Web site designed to help consumers find answers to their questions about online banking and bill payment.

 

The new site includes an environmental savings calculator, cost and time savings calculator, bank and biller search capabilities, expert advice on security and a bill pay personality quiz.