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July 30, 2013

Smartphones more popular than tablets for mobile banking, says report

Shopping offers from bank to mobile device could increase mobile banking traffic, survey suggests.

By Joe Curtis

Smartphones remain a more popular choice for mobile banking over tablets, according to a survey.

Research conducted by financial services technology experts, Cognizant, and mobile specialists Monitise found that 59% of respondents use smartphones rather than tablets to check their balances and transfer money online.

The US survey of 700 mobile banking users also found that even among customers who own tablets, just 60% of them would prefer to use it to bank with.

Feature personalisation options like rearranging tabs and functions proved important to more than 75% of the people surveyed, while consumers also welcomed the idea of their banks providing alternatives to PayPal for online shopping.

This service could include discounts and offers from retailers to customers’ mobile devices as a way for retail banks to increase mobile traffic, according to the research.

"Smartphones and tablets are quickly becoming the main contact point between consumers and financial institutions," added Lisa Stanton, president of Americas at Monitise.

"Integrating added-value services such as mobile payments directly into a bank’s mobile application does not just build customer loyalty, but it also grows revenue and fights the growing threat of disintermediation."

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