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News: Frequent net users into mobile banking?

One in four users would consider switching banks if they were offered free mobile banking services and 51% would be interested in using a mobile banking service. That's according to a new survey of online users, conducted by Forrester Custom Research and commissioned by mobile banking outfit Meridea.

Nearly one third of those surveyed already regularly browse the internet from their mobile phone and 60% of all those surveyed would carry out mobile banking on their existing mobile handsets - if it was available to them.

In terms of mobile banking capabilities, they are most interested in being able to check account balances, being warned when their account goes overdrawn, freezing a card and making payments or transfers.

Conducted in October 2005, the survey represents UK consumers that use the Internet frequently and shows that interest in mobile banking is highest amongst the 16 to 34 age group.

Heavy mobile phone users, i.e. those who spend more than £30 per month on mobile calls, were three times more interested in mobile banking. This underlines the point that it will be users familiar with mobile and internet technologies that will be the early adopters of this channel. Interestingly, nearly half of all surveyed (45%) used a Nokia mobile phone compared with 14% using Motorola and 11% Sony Ericsson or Samsung.

The research also indicates that the heavy mobile phone user segment is affluent as nearly three quarters of the sample had savings or deposit accounts and 30% owned stocks and shares. They are already comfortable with and interested in, using digital self-service technology - over 70% of the 20-55 year old online users regularly conduct internet banking on their pcs and use services on their mobile phones.

However, more than half of those surveyed listed transaction cost, security and ease of use as potential concerns about mobile banking.

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