Mobile banking increasing, but not replacing traditional channels: DBM Consultants

Total of 32 per cent of SMEs claim to be using mobile banking applications regularly

Australian market research company, DBM Consultants, claims that while figures indicate the rate at which small and medium-sized enterprises (SMEs) adopt use of mobile banking applications, this method is not replacing traditional contact channels.

According to DBM's Business Financial Services Monitor (BFSM), 32 per cent of SMEs have used a mobile banking app within the past four weeks, marking more than a 50 per cent year-over-year (YoY) increase over last year's rate of 20 per cent.

"From where we were less than four years ago when no bank had a dedicated mobile banking application, to today where nearly one-third of SMEs are telling us they have used this channel in the past month is extraordinary," DBM director, Maria Claridad, said.

"Micro and small businesses are the early adopters of this technology and are driving the mobile banking uptake."

Uptake is being driven by micro and small businesses, which are proving to be early adopters of this technology, alongside businesses in urban areas and industries such as finance, insurance and communications.

Read more: UPDATED: APAC entrepreneurs lack support, finance: Wozniak and Earl

BDM claims that, despite the increase, there is no evidence that mobile banking is replacing other channels such as branches or call centres.

Claridad said more traditional banking methods continue to provide an essential function for businesses to communicate with banks.

On the bottom end of the adoption scale, businesses involved in agriculture, forestry and fishing, and cultural and recreational services have among the lowest usage of mobile banking, with only 14 and 19 per cent respectively accessing mobile banking in the past month.

DBM's BFSM interviews about 20,000 decision markets in business banking annually, and addresses the performance of Australian banks across all business markets.

2014 ARN Women in ICT Awards - Nominations close October 27!: Nominations have opened for WIICTA 2014 and will stay open until October 27. But don't be late, be among the first in and NOMINATE NOW!!!

Tags DBM ConsultantsresearchbankingSME

Comments

Comments are now closed

 

Latest News

Oct 24
20th Century Fox deploys HP Moonshot servers
Oct 24
Adobe begins encrypting user data collected from Digital Editions app
Oct 24
St George turns on fingerprint login for Apple iOS Internet banking
Oct 24
DDoS attacks skyrocket: Akamai State of Internet Report
More News
29 Oct
NewLease & Microsoft Technical Sessions
30 Oct
Ovum 2020 Telecoms Summit
30 Oct
NewLease & Microsoft Technical Sessions
05 Nov
vForum 2014
View all events