Wednesday, January 17, 2007

Mobile Banking Satisfy People

One of the markets with the highest penetration of Mobile banking is South Korea. The usage of mobile banking services provided by most banks have seen unpresedented growth during the last two years (both in terms of number of subscribers and transaction volumes). It seems to be a good market to review the satisfaction of consumers with mobile banking.

In a recent survey conducted in Korea, looking at convergent services on mobile (Mobile TV, Location based etc.), consumers were by far more satisfied with mobile banking than with any other service. The article conclude in the following way:

"The survey, based on 110,455 mobile users, also said that mobile users are generally satisfied using mobile banking service as only some 10 percent showed negative reactions.

``Consumer satisfaction levels are considerably higher for mobile banking than those for other mobile convergence services. If security and convenience are provided, the future of the mobile banking market looks bright,’’ said Kim. "

This finding is of particular importance in markets where mobile banking deployments have lagged, and banks and mobile operators in these markets should consider the deployment of suitable product to focus on providing in the need of consumers.

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