MOSCOW—Another study shows that security and fraud concerns are slowing adoption of mobile banking.
A report from Kaspersky Lab and IDC Financial Insights found that 36% of respondents are not currently using any mobile banking apps. Of these, 74% cited security as the primary reason, Info Security reported.
What may be even more alarming for the future of mobile is that many respondents—nearly one-third—indicated that they will never adopt mobile applications as their primary banking platform.
The survey found that if there was a more visible way of adding security to mobile banking apps, people would be more open to using them. “For example, 85% of respondents said they would increase their usage ‘to some extent’ if there was more security associated with mobile banking, while 44% said their usage would increase ‘significantly’ in the same scenario,” Info Security said.
“Consumers are concerned about security on their mobile devices, which has limited adoption of high margin mobile banking and payment activities including account opening, payments and transfers using a mobile phone,” Marc DeCastro, research director IDC Financial Insights told the publication.