Newsbyte: SAP Research Shows Mobile Consumers Demand Mobile Banking 2.0 as They Embrace More Complex Transactions

NEW YORK, Sept. 18, 2013 /PRNewswire/ -- SAP NEWSBYTE -- SAP AG (NYSE: SAP) today announced the findings of a global study across 17 countries on cultural, economic and technology trends impacting consumer mobile appetite and how addressing consumer concerns can expand the opportunity and motivate greater use of mobile commerce services. The research shows that globally consumers are increasingly utilizing mobile devices for banking transactions and account management. Half of the respondents surveyed turn to their devices to pay a bill (55 percent), make a bank transfer (52 percent) and set up a new account (48 percent). The announcement was made at the SAP Financial Services Forum North America, being held on September 18-19 in New York City.

(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)

"Technology continues to drive changing customer behaviors and expectations," said Eric Stine, general manager, Financial Services, SAP America. "Through our research, and the work we have done with leading global banks, we see the consumer appetite for mobile banking – and the range of services that can be provided via mobile devices – increasing as customers are keen to embrace more complex banking activity. To realize the promise of becoming an omni-channel institution, banks should leverage the demand for lower-cost, personalized services. The winning recipe, however, is the ability to balance the desire for on-the-go convenience and valued-added services, while addressing information security demands."

Nearly half of mobile users (48 percent) already use their devices for banking transactions and account management, which means there are still opportunities for banks to further increase adoption by offering services that meet customers' needs. With 36 percent of mobile users maintaining three to five bank accounts, 31 percent holding six or more bank accounts and 61 percent indicating that it would not be easy for them to get to a bank branch on a daily basis, convenience is one of the drivers for mobile banking adoption.

The SAP research pinpoints that the ability to use a mobile device at any time of the day (51 percent), on the go (51 percent) and with speed (50 percent) and convenience (50 percent) are seen as clear benefits for increasing consumer mobile adoption. However, there are still barriers that banks should address, including the hassle factor of having to enter a lot of personal information (46 percent), safety concerns (45 percent) and Internet access at the point of purchase/transaction (43 percent).

The research was conducted with 12,424 adults over the age of 18 globally who own a basic mobile or smartphone device. Respondents completed an online survey between March and April 2013. Research was conducted by Loudhouse Consultancy, an independent research agency based in London.

The financial services industry at SAP is growing rapidly, with more than 17,000 customers making it a valuable asset for collaboration and co-innovation. A major element of the company's approach is to understand and address the specific needs of the industry in order to help financial institutions around the world become more customer-centric, reduce cost and complexity, and more easily manage regulatory and risk compliance.

For more information, visit the SAP Newsroom. Follow SAP on Twitter at @sapnews.

Media Contact:
Evan Welsh, SAP, +1 (610) 203-9742, [email protected], EDT

SOURCE SAP AG

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED