Smartphones cannot take the place of bank branches, as many users are still willing to personally interact with banking advisors before performing transactions on their mobile phones, according to a study by Germany-based GFT Technologies.
Titled ‘Will smartphones replace bank branches?’, the study questioned around 900 people from Brazil, Germany, UK, Spain and the US, and found that around one billion people will be carrying out online financial transactions or mobile banking by 2017.
The study states that as customers use different banking channels such as smartphones, tablets and personal computers, the challenge for the banks is to integrate all the different processes with their platform.
Among different consumer opinions, around 60% of respondents in Spain and Brazil claimed of using mobile banking solutions, while German consumers were more aware and only 26% used their mobile for banking operations.
Lulay said if the customers’ fears of fraud or security breaches can be overcome, this number is certain to rise.
GFT chief operating officer Marika Lulay said the bank that customers opt for will be largely dictated by the mobile banking options offered.
"The traditional banks will really feel the pressure placed on them by the direct banks and the providers of digital wallets, or in-app billing options," Lulay added.