Banks urged to promote mobile channel to customers

Financial services providers could do more to get customers using their mobile banking facilities, according to one organization.

A study by ath Power has revealed that only ten per cent of users were encouraged to switch to mobile banking by the company they are currently with.

Frank Aloi, chief executive and president of the group, said this is "alarming", given the fact that mobile banking offers significant revenue generating opportunities for firms in the financial services sector.

"This indicates a clear lack of customer education, yet an obvious opportunity for banks to take initiative to promote their offerings," he commented.

Making the public more aware of mobile banking options could also help financial services providers enjoy higher customer retention rates.

Figures from ath Power showed that people who manage their money via their handset tend to be more loyal than the general customer.

The organization added that banks also need to offer more support to mobile users to help them solve technical issues and tailor their user interface to their specific needs.

Posted by Paul Newton