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April 15, 2015

Mobile payments boom despite narrow marketing strategy

Paying by mobile has overtaken credit cards, says BuzzCity.

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Mobile payments are booming around the world despite banks’ failure to inform customers of the latest innovations, according to the advertising network BuzzCity.

A global survey by the firm found a quarter of consumers now use mobile payments, compared to 17% that use credit or debit cards.

However the data also showed that a third had yet to use mobile banking, and 15% did not believe that such facilities were available to them even though they are offered by most banks.

"This skewed approach that many banks place on TV advertising is failing to engage their own customers," said KF Lai, chief executive at BuzzCity.

"By focusing all efforts on just one channel of communication and not the actual devices that their customers are using every minute of every day the banks are clearly missing opportunities.

"This is integral to building relationships and trust with their audiences."

Other barriers to mobile banking were also revealed in the survey, with a quarter of respondents saying they had concerns over security and a similar amount believing their mobile device was not suitable for mobile banking.

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Despite this the use of mobile for financial transactions in general grew substantially from 26% to 42% between 2013 and 2014.

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