An NTU study has found that security, service quality and system quality are the most important factors for customers who use mobile banking. The NTU-WeBank team obtained their results after surveying 224 mobile banking users of a large bank in China in 2019. Two in five respondents (40%) said that the security they felt while carrying out transactions on mobile applications was their most important consideration. The researchers said the results are applicable to other countries where mobile banking has a high level of adoption, such as Singapore, Thailand, and Vietnam.
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. We have not found that users with different frequency of use have different needs, nor have they found any difference between men and women, but in terms of age, people over the age of 50 are more satisfied with mobile banking services than younger people under 50." Asst Prof Yu Han from NTU’s SCSE said that the team advises banks to carry out additional safety measures. To further their research on loyalty intention in mobile banking, the team is looking to conduct studies in other countries and regions to identify other determinants that could affect customer loyalty.