Mobile banking and payment apps by now are well accepted in modern living. But with all novelties, new insights for improvement arise along the way. Therefore, many researchers have studied the role of mobile in the banking and finance sector. Here, you’ll find a short summary of some significant findings.
Study 1: Usability and privacy of mobile on a scale
There are many different mobile banking solutions available to consumers worldwide, making it easy to pay with the mobile phone and split bills with a group of friends. With this wide range of mobile banking services comes a wide range of differences. Some apps stand out in usability, where other less user friendly apps excel at security or privacy. In order to find out what is most important for the intention of consumers to use mobile banking, a study on privacy concerns and usage intention was performed.
In this study , the role of information privacy was measured in relation to the intention to use mobile banking. Information privacy concerns refer to consumer’s subjective views of fairness within the context of information privacy. This is a matter of customer’s rights to exercise control and autonomy on how their information is collected, used and shared by commercial websites such as banks. This affects their intention to expose personal information to internet firms. To determine to what degree such privacy concerns affect perceived trust of mobile banking, perceived risk of mobile banking and usage intention, a questionnaire was filled in by 425 respondents in 2016.
From this study, the researchers found that, where over 70% of respondents had experience with mobile banking, most people worry about personal information privacy as well as what information is gathered. The perceived risk negatively influenced the user’s information privacy concerns. By not being able to communicate face-to-face with banking employees, according to the results, the concerns for uncertainty of the internet were raised further. The researcher here stated mobile banking should provide convenience to the consumers in order to eliminate the uninspiring effects of mobile phones in banking tasks. This means that, even though privacy showed to play a significant role in the intention to use mobile banking, the need for clear and user friendly interfaces cannot be forgotten.
CM has specialised in mobile solutions for the Banking and Finance industry and offers a wide range of solutions such as SMS and Voice solutions for authentication, alerts, reminders or payment notifications, as well as app development. Curious about the possibilities of mobile for your company? Contact our sector specialist Banking and Finance, Richard van Anholt. He is more than happy to tell you more.
 Tseng, J. T., Han, H. L., Su, Y. H., & Fan, Y. W. (2017). The Influence of Intention to Use the Mobile Banking-The Privacy Mechanism Perspective. Journal of Management Research, 9(1), 117-137.
 Muñoz-Leiva, F., Climent-Climent, S., & Liébana-Cabanillas, F. (2017). Determinants of intention to use the mobile banking apps: An extension of the classic TAM model. Spanish Journal of Marketing-ESIC.
 Baptista, G., Baptista, G., Oliveira, T., & Oliveira, T. (2017). Why so serious? Gamification impact in the acceptance of mobile banking services. Internet Research, 27(1), 118-139.
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