Security, followed by service quality and system quality, are most important for mobile banking customers

A joint NTU-WeBank study has found that when it comes to mobile banking, security, service quality and system quality are the most important factors for customers. The NTU-WeBank team obtained their results after surveying 224 mobile banking users of a large bank in China in 2019. 

Assoc Prof Xu Hong, from NTU’s SSS, said: "The current data are users who use a bit more frequently, users who use it every day or at least once a week. Although the study was conducted in China, our results are applicable to other countries where mobile banking has a high level of adoption, such as Singapore, Thailand, and Vietnam.” Asst Prof Yu Han from NTU’s SCSE added: “Apart from the main findings, we would also recommend to banks to streamline their security verification process. If the whole process, from receiving the one-time password (OTP), to keying it in were all in the same page, we found that users would rate that more highly than applications that use too many pages for verification, for example.”