March 13, 2008 – Recent studies have shown that cell phone users are beginning to use their cell phones for activities such as online banking more and more. According to one study, 16% of mobile users are already using their cell phones for such personal business and 60% of those people are using these services at least one time a week. In general, the study showed also that about a fourth of mobile phone users are utilizing their phone’s internet capabilities to buy goods online with credit cards.

The study also showed that security features are allowing 66% of users to feel more secure and not worry about the possible danger involved in transmitting banking information via the internet. Security concerns remain the largest interfering factor in the growth of this type of business transaction. Similarly, 63% were concerned that releasing this sort of information through their handset could expose them to potential fraud and financial scam artists.

For users currently not using their handset for online banking, the statistics are encouraging. According to the same study, 35% of users not current utilizing on line banking on their handset would be open to the idea of checking their bank account balances and transferring funds via their handset. A third of mobile users questioned communicated that they would be interested in receiving text messages from their financial institute. Another 20% were interested in their handset possibly becoming a sort of “mobile wallet” where they can access and manipulate all their financial information via their cell phone.

Source: Businesswire