But cash still seen as giving ultimate control, ING survey finds
London, 1 July 2013
- Mobile banking seen as giving more control over spending
- Social is booming and set to grow as more young people expect to be able to make transactions via social media
- Cash still seen as offering ultimate control of budgeting and spending
More control
The Netherlands is the most developed mobile banking spot, according to a measure that takes internet penetration into account, while Turkey is the top mobile banking “hotspot”. More than three-quarters of Brits who use mobile banking say they feel more control of their money. Half of Germans who do not use mobile banking say they are put off by security fears.
Ian Bright, ING senior economist:
“People who use mobile banking feel more in control of their money. Most of them say they pay their bills on time more often and are overdrawn less often. This is perhaps because 84% of mobile bankers check their balances more regularly since using mobile banking.”
Cash still popular
Even as technology advances traditional, cash is still a popular way to monitor and keep control of spending. Half of European consumers surveyed agree they prefer to use cash when shopping because it is easier to see when they are spending too much. This rises to a high of 61% in Spain and is popular among under 25s as well, with 64% agreeing.
“Friend”, “like” and #pay?
When asked what they expected from banks on social media, the most popular of six options presented is banks giving tips for saving. A very large share – 70% – agree or strongly agree they expect banks to give tips for saving. Communicating messages about the company and its corporate social responsibility (CSR) is also popular (61%), although the variations between countries range from the high of 79% in Turkey to 34% in France. Information about “how the economy affects me” is the third most popular option (56%). While making payments on social media is not on top of mind of most respondents, almost 40% under the age of 34 years say they expect banks to make it possible.
