Almost three quarters (73%) of consumers’ feel mobile banking gives them more control over their spending, according to a report conducted by ING of 12,000 internet users in 12 European countries.
Cash is still viewed as the ultimate control of budgeting and spending by customers, with half of the respondents preferring to use cash when shopping so they can see when they spend too much.
Ian Bright, ING senior economist and author of the report, said: "People who use mobile banking feel more in control of their money. Most of them say they pay their bills on time more often and are overdrawn less often. This is perhaps because 84% of mobile bankers check their balances more regularly since using mobile banking."
Usage of social media is on the rise, with the report finding that just under half (49%) of internet users in Turkey are already using mobile banking.
The Netherlands also has a high internet penetration with 44% using mobile banking and was found to be the most developed mobile banking spot.
When asked what they expect from banks on social media, 70% of European consumers believe banks should give tips on how to save. Messages regarding the company and its corporate social responsibility (61%) and how the economy will affect users (56%) were other popular options.
Nearly 40% of consumers under the age of 34 expect banks to make payments on social media possible in the future.
A recent study from Infosys highlighted that consumers in the US, Australia, France, Germany, and the UK find face to face interactions with banks to be the safest way to share personal information, with nearly 9 in 10 (89%) consumers being willing to share personal information such as their phone number, address, or account number.
The infosys study further found that people trusted online second (79%) and smart phones and mobile devices least (56%), showing some work still needs to be done to educate consumers about security of mobile payments.
The study polled 5,000 consumers