19) Do you find mobile banking and financial services useful?
Almost two-thirds (64 per cent) of the sample surveyed find mobile banking and financial services useful, while about a third (36 per cent) of student respondents still do not find banking a relevant part of their mobile phone experience.
20) If yes, which of the following applications for financial services do you use?
Of the two-thirds (64 per cent) of surveyed students who find mobile banking and financial services useful, the vast majority prefer to use their bank’s own mobile banking application, while only 16 per cent use Barclays Pingit and 15 per cent use PayPal on their mobile phones.
21) What mobile financial service dominates your mobile banking use?
Almost three quarters (73 per cent) of those surveyed who do use mobile banking and financial services use such offerings to check their bank balance, while only about a fifth (22 per cent) of people using mobile banking use it to transfer money to another individual. The slim results for making a payment in store (only 5 per cent of our sample) prompts a discussion on the relevance – and indeed potential – of high profile launches such as Apple Pay, Samsung Pay and Android Pay.
22) What is discouraging you from using mobile financial services?
More than half of those surveyed (55 per cent) see security and privacy concerns as the most significant discouraging factor from using mobile financial services. A quarter (25 per cent) said that they do not use mobile banking apps simply due to lack of awareness of availability.
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