Banking Popular on Mobile, Fast Food Not a Priority

Forrester study shows mobiles are increasingly being used for banking, as opposed to retail activities. Equation Research finds fast food not a mobile priority.

According to a new study by Forrester Research in the US, the number of people performing banking activities (such as checking bank account information, transferring funds, locating ATMs, etc), grew from 4% in 2006 to 16% by the end of 2010. However the number of consumers that are engaging in mobile commerce (m-commerce), only increased from 10% to 12% for the same period.

Speaking to Internet Retailer, Peter Wannemacher, a Forrester Analyst, indicated that this increase in mobile banking activity, may be attributed to the banks’ making the mobile channel a streamlined and easy service for customers to use, as well as targeting marketing efforts to increase customer awareness of the mobile channel.

“Banks have been quick to roll out, and, perhaps more importantly, heavily market their mobile services. From the demand side, checking your bank account in mobile is a relatively simple task.”

However he highlighted that consumers who use mobile banking are “not necessarily the same as the group who buy products with their mobile phones”.

“Most mobile bankers—that is, people who use mobile banking even if they don’t use it as their primary banking channel—do not use the mobile channel to shop at all. But those who use mobile commerce already use mobile banking services.”

In other mobile trends, a study by Equation Research in partnership with QSR revealed that consumers are less likely to use their mobile devices to access information on fast food restaurants, compared to other segments within this industry.

The study showed that only 36% of consumers were very or somewhat likely to use their mobile device to access information on fast food restaurants, which is a relatively small percentage compared to the responses received for fine-dining (64%), local restaurants (62%), casual-dining restaurants (54%) and bars/pubs (48%).

Speaking to QSR Magazine, Chris Burke, Vice President of Research and Development at Equation Research, said, “this fact means quick-serve [fast food] companies will have to get more creative in their mobile offerings to customers”.

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