Mobile Banking Needs Smartphones With Retina Scans
NEW YORK (TheStreet) -- There's no doubt mobile banking is growing. Data from the Federal Reserve show 51% of U.S. smartphone users have used mobile banking in the past year, and 12% who don't use it now say they will next year.
But mobile banking won't reach its full potential until there's an answer for a major consumer anxiety: Banks that fail to secure their personal data.
So says Deloitte in a study released Tuesday, Raising the Bar on Customer Engagement Through Mobile Financial Services.
Of all smartphone owners who don't use mobile banking, 61% say it's because of "security" issues, and consumers who do use mobile banking limit it to "routine transactions," Deloitte says -- because about 33% of consumers just don't trust Wi-Fi security, and 28% worry they will lose their mobile phones and their personal financial data in the process.
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