U.S. Consumers Avoiding Mobile Banking

Cite security concerns
U.S. consumers think mobile banking is important but do not want to pay for it and are hesitant to use their mobile devices for financial transactions and online banking, according to a survey by accounting firm KPMG.
The survey of about 500 U.S. consumers found the majority (91%) had never tried banking on a mobile device. Of those respondents who have never done banking on a mobile device, 48 percent said security and privacy were the main reason.

The majority (66%) of U.S. consumers also are not comfortable using their mobile device for financial transactions.
When it comes to payments, 95 percent said they never made a purchase using a mobile device on a retailers mobile Web site, indicating a lack of comfort in using a mobile device for transactions and payments.

"U.S. consumers -- as well as worldwide -- need to be convinced that new payment methods and banking vehicles are safe and secure for them to succeed," said Mitch Siegel, director of payment advisory services in KPMG LLP's Financial Services practice.