Mobile banking adoption among US online adults more than doubled in the past two years. However,Forrester’s Technographics® data shows that 85% of online adults in the US have never used mobile banking. When we look more in depth at the reasons why, we get answers such as “don’t see the value,” “don’t believe it’s safe,” and “don’t want to pay for fees.”
US consumers have plenty of alternatives they can use, like ATM machines, online banking, and retail branches. For them, the benefits have to outweigh the hurdles. Yet it’s a different story in other parts of the world. Due to a lack of existing banking infrastructure, we see mobile finance penetration picking up quickly in developing markets like China, India, and even Africa, fueled by the growing cellular penetration and mobile Internet penetration in these regions. In fact, in the most recent World Economic Forum’s Digital Asia panel that Forrester CEO George Colony moderated, Michelle Guthrie, JAPAC director of strategic business development at Google Asia Pacific, stated that for the next hundred million users coming onto the Internet in Asia, primary access to the Internet will be on mobile, and maybe only on mobile due to the infrastructural challenges (and costs) of fiber and broadband.