Credit Card News: Technology

More and more Americans are utilizing mobile banking, using their smartphones to check balances, transfer funds, and make payments. However, where they are doing these things may come as a surprise. Almost half of all respondents in a recent survey said they do their banking in the bedroom, while 30% confessed to banking in the bathroom. Young people are even more likely to bank in the bedroom: 60% of people ages 18 to 34 said they’ve used mobile banking in the bedroom.

Shopping is another popular smartphone activity, sometimes done in concert with mobile banking. When faced with a wait, or a boring activity, some folks turn to retail therapy, via smartphone. Eighteen percent of those surveyed said they use their phones to shop online while they cross the street or stand in line. Another 13% of folks use their mobile banking apps while driving – not a recommended practice. Texting and driving is extremely dangerous, and mobile banking is no better. Better to pull the car over and park safely before checking that bank balance or paying a bill. Or wait until you get to your destination.

The survey, conducted online by Harris Poll for data company Feedzai, looked at both banking and shopping among Americans. The 2015 Consumer Banking and Shopping Behaviors: Sentiment on Personal Data also touched on people’s feelings about security and personal information that may be vulnerable to data breaches, as there have been several big ones over the last few years. In spite of those data breaches, people seem willing to continue sharing their personal data in exchange for the convenience of banking and shopping via their mobile phones.

Men and women share data with banks differently

Financial institutions sometimes ask consumers to grant them access to their online data in order to provide security measures. However, not all consumers are comfortable doing this. Men were slightly less cautious about sharing their personal information with financial institutions than women were in general. Thirty-four percent of men said they were willing to share their mobile data with a financial institution in exchange for protection, compared with 28% of women. Thirty-two percent of men had no qualms about sharing online activity, compared with 26% of women, and 26% of men were willing to share personal information with financial institutions on social networks, compared with 20% of women.

The study was conducted online in March 2015 and included responses from 2,024 adults ages 18 and up.