MOBILE BANKING YET TO TAKE OFF IN THE UK DUE TO LACK OF TRUST IN SECURITY ACCORDING TO NEW CONSUMER SURVEY FROM FIRSTSOURCE SOLUTIONS

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1 MOBILE BANKING YET TO TAKE OFF IN THE UK DUE TO LACK OF TRUST IN SECURITY ACCORDING TO NEW CONSUMER SURVEY FROM FIRSTSOURCE SOLUTIONS 80 per cent of users have not embraced mobile banking* 58 per cent of users unlikely to use their phone as a Mobile Wallet London, July : Eighty per cent of UK owners have not embraced mobile banking according to a new YouGov survey carried out on behalf of outsourcing company Firstsource Solutions. Mobile banking is defined as using a such as i-phone, BlackBerry or Android phone to pay bills, transfer money, check account balances and other financial transactions. The survey found that two thirds of owners don t do any mobile banking at all Fears that personal bank details will not be kept secure are the reasons given by over half (55 per cent) of respondents, while over a third (35%) are put off by the small size of screens. One in five (20%) say that it is difficult to pass relevant security checks when using a and one in ten (10%) say the mobile banking apps they have tried are not good enough. The survey also found that 58 per cent of UK owners were unlikely to swipe their like a credit card to make payments, even if they were able to. Once again, a fear that personal bank details will not be secure is the reason given by two thirds (67 per cent) of respondents who said they s be willing to use this feature. Over a fifth (22 per cent) do not believe the technology will work. Younger owners are more open to the mobile wallet with 42 per cent of year old owners saying they would be likely to swipe their like a credit card to make payments if they were able to. However, over half (52 per cent) of year olds are still unlikely and 70 per cent of these respondents yet again give their reason as being that they do not believe their bank details are secure. Almost half of owners (47%) would be willing to spend at least 5 by swiping their like a credit card to make a purchase. One in five (21%) would be willing to spend at least 25 and one in twenty (9%) would be willing to spend at least per cent of the survey respondents said that a was their main mobile phone. This increased to 74 per cent amongst year olds and decreased to 29 per cent amongst the over 55s. * 13% don t do very much of their banking via their and 67% do none at all via their

2 Iain Regan, Global Head of Sales & Marketing, Firstsource Solutions, said: Banks want to make engagement easier and encourage consumers to use banking services more often and the prevalence of s and internet speed improvements should increase the use of mobile banking. However it seems that there are still challenges to the widespread adoption of mobile banking. Customers still have a lack of trust in mobile banking security which banks need to overcome by providing reassurance of security while at the same time making security procedures intuitive and easy to use. This challenge can be overcome, but banks will need to make banking applications more user friendly while at the same time ensuring security. This is quite a challenge that will need banks, software developers, security experts, as well as customer service specialists to collaborate in order to convince their customers to adopt mobile banking services. Notes for Editors: Firstsource Solutions is a leading global provider of customised business process outsource services to the telecom & media, banking & financial services and healthcare industries. Its clients include Fortune 500, FTSE 100 & Nifty 50 companies. Firstsource has a rightshore delivery model with operations in India, US, UK, Ireland, Sri Lanka and Philippines. ( Statistics for Firstsource Mobile Banking survey * 13% don t do very much of their banking via their and 67% do none at all via their

3 * 13% don t do very much of their banking via their and 67% do none at all via their

4 * 13% don t do very much of their banking via their and 67% do none at all via their

5 * 13% don t do very much of their banking via their and 67% do none at all via their