A new consumer discovery panel study by Simon-Kucher & Partners, global strategy and marketing consultancyreveals 76 percent of ‘Generation Y’ consumers (18-26 year olds) would consider a monthly fee of £5.00 a fair price to pay for mobile banking. Findings demonstrate how mobile banking could provide a new revenue source for banks instead of providing the service for free. This Generation Y demographic – equating 12 percent of the UK population – represents an untapped opportunity for banks.
“This demographic identified a fair price for mobile banking and over three quarters of respondents are willing to use it.” Most banks see mobile banking as a means of reducing costs by migrating expensive branch and call-centre transactions to mobile devices. Consequently, mobile banking is offered free. Georg Wuebker, Global Head of Banking at Simon-Kucher & Partnerscommented, “This demographic identified a fair price for mobile banking and over three quarters of respondents are willing to use it.”
For more information read the story in EON: http://eon.businesswire.com/news/eon/20110503005972/en/Mobile-Banking/Generation-Y-Consumers/Paid-for-mobile-banking
Read the press release from Simon-Kuchner & Partners: http://www.simon-kucher.com/internetdatabase/publication.nsf/dfb97b9f73739cd7c1256f86004c5ad9/d0efd4a178c13699c1257885002884eb?OpenDocument
Also read Mercator Advisory Group’s CustomerMonitor Reports with primary research on mobile banking and payments:
“Retailer Apps Show Promise As Mobile Consumers Stay Cautious On Payments
http://www.mercatoradvisorygroup.com/index.php?doc=Primary_Data_Series_(PDS)&action=view_item&id=526&catid=20
“The Mobile Consumer: Well-Equipped But Cautious” http://www.mercatoradvisorygroup.com/index.php?doc=Primary_Data_Series_(PDS)&action=view_item&id=408&catid=20
