MyBankTracker.com Research Finds Nearly One Third of Americans Distrust Mobile Banking
September 19 2019 - 7:00AM
Despite its convenience and ease of use, there is still widespread
mistrust and lack of confidence in the security of mobile banking
in the United States. According to a survey released today by
MyBankTracker.com (MBT), nearly one in three Americans do not trust
mobile banking at all. MBT is an independent financial comparison
website helping consumers make smart banking and financial
decisions.
While many older Americans (age 65 and over) lack trust in
mobile banking, the negative sentiment, surprisingly, applies to a
large portion of younger adults as well. Those age 18 to 24
distrust mobile banking apps. The comparison site surveyed 793
respondents throughout the United States to look at the drivers
behind mobile banking worries and user habits.
Key findings include:
- Younger Americans are nearly as wary as older
generations: 40.9% of respondents age 65+ do not trust mobile
banking apps at all. Surprisingly, 36.9% of respondents age 18 to
24 do not trust mobile banking apps, nearly as many as older
respondents.
- Hacking and malware are the top concerns: 65.7% of
respondents are most concerned about bank hackers or malware.
Losing your phone is the second highest concern (13.6%), while weak
mobile app authentication features are the third largest (10.6%).
Phishing attempts came in fourth at 8.9%.
- Computer tops mobile for access preference: 39.4% of
respondents prefer accessing bank accounts by computer versus 34.3%
by mobile device.
- Youth most comfortable with mobile banking: More than
44% of 18- to 44-year olds prefer mobile banking.
“As the banking industry struggles with high-profile data
breaches, most recently with Capital One, it’s no surprise many
Americans are leery of mobile banking” observes Jason Reposa,
MyBankTracker.com’s CEO and co-founder. “We have to get smarter.
Consumers are being forced to face questions about how to protect
themselves. The “it won’t happen to me” culture has passed. We're
starting to see consumers take measures like avoiding public
networks, having secure login credentials, employing two-factor
authentications and setting up account alerts to combat this
distrust.”
The study was conducted through Google Surveys on behalf of
MyBankTracker.com from August 29, 2019, to September 1, 2019, with
793 respondents in the United States of ages 18 and up with a
standard deviation of +/- 5.1%.
For more details and statistics, read an overview of the
research here:
https://www.mybanktracker.com/open-data/surveys/study-mobile-banking-trust-302285
About MyBankTracker.com MyBankTracker.com is owned and
operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in
delivering online marketplace solutions to match searchers with
brands in digital media. QuinStreet is committed to providing
consumers and businesses with the information and tools they need
to research, find and select the products and brands that meet
their needs. MyBankTracker.com is a member of the company’s expert
research and publishing division.
MyBankTracker.com is an independent comparison website helping
consumers make smart banking and financial decisions. The mission
is to match consumers to their perfect bank by providing and
tracking in-depth information on more than 5,000 banks, credit
unions and financial products. Using a combination of technology
and money management expertise, MBT provides personal finance
comparison tools and educates consumers to optimize their
relationships with banks and lenders.
Website: https://www.mybanktracker.com/
Twitter: @mybanktracker
Facebook: https://www.facebook.com/mybanktracker
Amy Eury
Public Relations Manager
412-532-9352
aeury@quinstreet.com
Liberty Communications for QuinStreet
Rick Judge
415-429-5652
QuinStreet@libertycomms.com
QuinStreet (NASDAQ:QNST)
Historical Stock Chart
From Apr 2024 to May 2024
QuinStreet (NASDAQ:QNST)
Historical Stock Chart
From May 2023 to May 2024