Security most important to retaining mobile banking customers

A study by a research team from Nanyang Technological University, Singapore (NTU Singapore) and China’s first digital-only bank WeBank has found that security, service quality and system quality are the most important factors for customers who use mobile banking.

Two in five respondents (40%) said that the security they felt while carrying out transactions on mobile applications was their most important consideration. 

This was followed by the level of service quality (25%), which referred to whether the banking applications could fulfil users’ needs, such as carrying out transactions and easy access to credit card services.

The researchers said their study which ranked factors that are important in determining customer loyalty would be useful to financial institutions who are looking at improving their mobile banking applications.

Already widely used in China prior to COVID-19, mobile banking applications have seen a sharp rise in uptake throughout Asia during the pandemic, as the touchless payment systems provided by most mobile banking applications have gained traction.