Mobile Banking came on to mobile phones with a promise of convenience and comfort for banking transactions and it did serve the purpose. A study by IBM finds that the mobile banking is widely being used by youth these days.
The IBM study came up with the conclusion that 89 percent of consumers do not transact through their mobile phones, but IBM was surprised to find that the 21 percent of consumers who use the mobile banking services were youth aged 18-34.
The tech savvy youth seem to find convenience and comfort using their mobile phones to conduct banking transactions. It’s the technological know-how which seems to be the reason for the increasing use of mobile phones for banking and other miscellaneous transactions. The study also has come to the conclusion that in the future, Mobile banking will see an increase in usage and banking institutions are busy preparing themselves by beefing up their technology and products to reach as many customers as they can.