Shoppers more willing to buy by mobile when banks lead the way
Ease of use and loyalty offers among leading triggers to drive m-commerce via banks
European smartphone shoppers are even more confident engaging in mobile commerce if they could do so using services provided by their bank, according to research published today by the Future Foundation.
The research, commissioned by Mobile Money experts Monitise, reveals six-in-10 UK smartphone users (57%) would feel more confident buying goods and services by mobile if they could use apps provided by their bank. This confidence is even stronger among Spanish consumers at 68% while 50% of smartphone owners in Germany feel the same way.
The Future Foundation report, ‘M-commerce: What consumers want from financial institutions’, found that more than 50% of UK respondents are already buying goods on their smartphones.
According to the research, leading factors likely to prompt UK consumers to buy products and services via a bank app include ease-of-use at 60%, incentives such as loyalty schemes at 49%, direct insights from their bank on the state of their finances and budgets at 46% and convenience at 37%. More than half of those surveyed would trust sites endorsed by a bank, varying from 51% in Germany and 57% in the UK to 68% in Spain.
Also among the findings, smartphone shoppers say they are more open to buying higher value items if it can be done through a bank app. Tickets for travel such as flights and trains were the most popular items cited, at 65%, 47% and 45% among Spanish, German and UK consumers respectively. Tickets for services such as entertainment and sporting events were the second most popular items.