Credit Card News: Technology

Selected cards: 0
Advertising Disclosure
Smartphone Banking Leaves Consumers Wanting More
15 Jan
Now that consumers are getting a taste of doing their banking via smartphone, it seems they are hungry for more. A recent survey by FICO shows that people would like to do more smartphone banking than they currently do—if only the features they want are available.

The survey, which asked 2,239 adults of all ages across fourteen different countries about what smartphone banking features are most important to them, found that getting information about possible fraudulent charges was one of the most-wanted smartphone app features.

The number one thing people want to do on their phones is check their balances, whether that means bank balance, credit card balance, or payment due balance. This functionality is included with most banking apps, but some of the other requested features weren’t always so easily had.

Other top important features were being notified of potential fraudulent activity, making payments and transferring money. The breakdown of requested features was as follows:

  • Checking balances – 75%

  • Notifications of possible fraud – 59%

  • Making payments from their accounts – 53%

  • Transferring money – 50%

Younger people were the most interested in smartphone banking, with folks in the 25 – 39 age bracket saying they are most likely to want to use their phones instead of going to a bank. Specifically, people of that age said they’d like to get bill payment reminders from credit card companies and warnings when they are about to hit their credit limits.

Older folks—those ages 55 and up—were less enthusiastic about using their phones to do their banking. They were especially disinterested in receiving notifications about new products and services, with only 6% of them saying they’d like to get those. Then again, that was the least popular service across all age groups. Only 39% of all respondents wanted to get new product and service alerts via smartphone.

Men were slightly more likely to express interest in smartphone banking, with their votes of interest coming in at 3-4 percentage points higher across all survey questions.

FICO’s vice president of product and technology, Stuart Wells, said that banks have “an unprecedented opportunity to differentiate themselves and strengthen their relationships with their customers” by offering more apps and increased functionality to smartphone users.

Survey respondents were from the United Kingdom, Australia, Brazil, China, France, Germany, India, Italy, Japan, Korea, Mexico, Russia, Turkey and the United States.

Read Also Related News

  • 18 Nov

    Starting this month, Discover is finally introducing the contactless feature for all their Discover it® cards and the Discover More® card (the old version of the Discover it® Cash Back) joining such major issuers like American Express,...

  • 3 Jan

    The way you pay for a purchase with your credit card may be very different in five years than it is now. That's because biometric cards - credit cards that scan your fingerprint to prevent fraud or theft - are forecast to flood the market...

  • 19 Jun

    Although more people are using mobile wallets and moving away from using cash or credit cards as their go-to payment method, consumers have still shied away from using virtual credit cards for the majority of their purchases. But companies...

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Visa® with Cash Back Rewards
Apply Online
Qualified applicants will enjoy benefits including 1% cash back rewards on all purchases, no annual fee, and a competitive APR. Terms apply
The Bank of Missouri: Milestone® Mastercard® with Choice of Card Image at No Extra Charge
Apply Online
Prequalify for a card today and it will not impact your credit score
Horizon Card Services: Horizon Gold
Apply Online
Instant $500 Credit Line. No Credit Check.
Credit One Bank®: Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
  • 20 Sep

    Contactless cards seem to be taking over the US market. Both credit and debit cards are being actively issued with the tap-to-pay feature. According to the recent study commissioned by PULSE®, 60% of debit cards in the U.S. are supposed to be issued as contactless by...

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare