Account balances and security alerts most requested features
January 6th 2014. FICO (NYSE:FICO), a leading predictive analytics and decision management software company, has just released the results of an international survey of smartphone consumers showing that they want to do much more mobile banking than most of today’s smartphone apps permit. Whilst the most requested functionality is the ability to check account balances (75 per cent), more than half of respondents want to receive notifications of potential fraudulent activity (59 per cent), make payments from their account (53 per cent) and transfer money between their accounts (50 per cent) using their smartphone.
The demographic breakdown showed that across all categories, young people showed the most interest in banking services delivered by smartphone.
When it came to specific product services such as receiving credit card bill payment reminders and credit card limit warnings, people aged 25 to 39 were the most interested in delivery by smartphone.
The least popular service, according to the findings, was to receive information about new products and services (39 per cent).
Interest in this dropped with age, with only 6.5 percent of over 55s attracted to the idea.
The survey also found that men were more interested in smartphone banking services than women – by an average of three to four percentage points across all age groups.
The survey looked at consumer preferences and tendencies with regards to mobile, online and in-person interactions with banks.
It included 2,239 adult smartphone users in the UK, Australia, Brazil, China, France, Germany, India, Italy, Japan, Korea, Mexico, Russia, Turkey and the USA.
“Over one billion consumers worldwide have smartphones in their pockets, so it stands to reason that many of them would want to conduct their banking using those devices,” said Stuart Wells, FICO’s executive vp & Chief Product and Technology Officer (CTO).
“For forward-thinking banks, this presents an unprecedented opportunity to differentiate themselves and strengthen their relationships with their customers.”
“The unique ability to combine voice, applications, text, and location information with powerful analytics, personalisation and automated communications make mobile banking much more significant than previous channel expansions, including the advent of ATMs or even online banking,” Wells added.
The banking preferences of smartphone consumers from the USA, Australia, Brazil, China and the UK can be explored in further detail at a special interactive website here.
FICO, formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimise operations and meet strict government regulations. Many of its products reach industry-wide adoption – such as the FICO Score, the standard measure of consumer credit risk in the USA. FICO solutions leverage open-source standards and cloud computing to maximise flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health