NEW REPORT OUTLINES CONSUMER EXPECTATIONS FROM WIRELESS BANKING SERVICES

If bank patrons get their way, wireless technology will soon help them to manage credit card accounts, transfer money between financial institutions, pay bills and track payments, according to a recently published report that examines customer satisfaction with mobile banking services.

The report, an analysis of Internet questionnaire responses from 637 banking customers from Europe, North America and Asia Pacific, paints a portrait of today's wireless banking client. According to Anthony Ng, author of the report, early adopters of mobile bank services have multiple bank accounts; tend to use PC-based home banking more than traditional branch or telephone banking options; and believe that being able to bank through multiple channels is either very or extremely important.

Surprisingly, Ng found that the early adopters of mobile banking technology have primarily used wireless devices other than cell phones to access their accounts. The reason, according to Ng, is the lack of success these customers have had trying to use WAP phones to conduct banking functions.

The usability of mobile devices to perform banking functions was only one of many satisfaction issues voiced by wireless users and non-users in the survey. Other concerns included transaction accuracy, cost of wireless connection, bank charges and fees for the service, ease of use, speed of transaction, and security/privacy issues.

"For those providers who either have already started or are planning to provide financial services on a wireless user platform, it is extremely important they understand how to satisfy existing and potential customers, Ng said. "Unless banks really listen to the customers, including those who chose not to use wireless services, millions of dollars from their advertising and promotional budgets will be wasted."

For more information on this survey, contact Ng at [email protected].