Research Reveals U.S. Consumer Obsession With Bank Balances
September 11 2007 - 5:00AM
PR Newswire (US)
Survey Points to Bright Future for Mobile Banking DUBLIN, Calif.,
Sept. 11 /PRNewswire-FirstCall/ -- U.S. consumers are obsessed with
managing their personal finances, according to research released by
Sybase 365, a subsidiary of Sybase, Inc. (NYSE:SY), the global
leader in messaging interoperability and mobile content delivery.
More than a third of U.S. consumers, dubbed 'nano-economists,' are
able to state their bank balance at any given time, and an
additional 42 percent typically know their bank balance to the
nearest $200. The Sybase 365 mobile banking survey, titled 'Mobile
Opportunities for the Financial Sector', was conducted in July 2007
across the Americas including the United States, Canada, Mexico,
Argentina and Brazil. The study revealed that U.S. consumers are
particularly obsessed with their finances, checking bank balances
more frequently than the other regions. A majority of U.S.
consumers check their bank balances very frequently; 61 percent
admit to checking their bank balance at least every few days,
including the core 29 percent who require daily updates. The survey
highlights another breed of personal banker, the 'financial
ostrich', a term used to describe a small proportion of U.S.
consumers (3 percent) who are completely ignorant about how much
money is in their bank account at any given time. However, today's
fast-paced society, coupled with the wealth of tools available to
track their finances, means it is hard for consumers to remain in
the dark. The trend to remain abreast of personal finances has been
made possible by the United States' technology-driven society with
information and data services becoming increasingly accessible to
consumers. Currently, U.S. consumers are banking via multiple
methods with the vast majority using Internet banking (76 percent)
to check their bank balance. Interestingly, the United States still
has the most reliance on the postal service compared to the other
regions surveyed in the Americas with nearly a quarter of U.S.
consumers dependent on receiving their bank statements by mail. The
surge in Internet banking over the past two years has primarily
been due to the convenience the service offers consumers.
Similarly, mobile banking will provide consumers with the advantage
of being able to manage their money on the move, suggesting it is
the natural next step for banking services. As the predecessor to
mobile banking, exploring the adoption of Internet banking also
reveals some interesting parallels in terms of overcoming barriers,
such as security concerns. U.S. consumers are now comfortable with
Internet banking and therefore, the majority trust that the service
is secure (57 percent). However, only 24 percent consider mobile
banking to be secure. Consumers' lack of confidence in the security
of mobile banking is due to a lack of knowledge, which is typical
for new technologies. As more people adopt mobile banking, consumer
perception around its security will change. Additionally, mobile
banking has not yet reached widespread consumer consciousness in
the United States. In fact, a staggering 59 percent do not even
know if their bank offers mobile banking, suggesting banks need to
embark on a customer awareness campaign. "Online banking is
currently the number one way consumers check their account, but it
didn't become mainstream over night. Mobile banking is well on its
way to gaining the same wide-spread popularity among consumers,"
said Marty Beard, president, Sybase 365. "Consumers are already
dependent on having many conveniences at their fingertips, and
eventually that will expand to include banking abilities. Financial
institutions will soon have to meet consumer demands and market
mobile offerings to remain competitive." About Sybase 365 Sybase
365, a subsidiary of Sybase, Inc. (NYSE:SY), leads the world in the
global delivery and settlement of mobile messaging
interoperability, and the management and distribution of mobile
content. Processing more than 6 billion messages per month, Sybase
365 reaches more than 700 mobile operators around the world. For
more information, visit: http://www.sybase.com/365. DATASOURCE:
Sybase 365 CONTACT: Laura Mayhew of Sybase 365, +1-703-961-2209, ;
or Rosemary Miller of Citigate Cunningham, +1-415-618-8720, , for
Sybase 365 Web site: http://www.sybase.com/
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