Consumers want more from mobile banking

Consumers want more services on their telephone banking applications, according to the credit scoring and data analytics company FICO.

Users of mobile banking applications are looking for their banks to add services, such as payment reminders and fraud warnings.

FICO commissioned researcher Fair Isaac Corp to survey Australian smartphone users on their use of banking and other applications.

The most common uses for a mobile banking application were checking account balances, transferring money between accounts and making payments. Sixty-seven per cent of consumers said they would like to do more banking via mobile.

A significant proportion of consumers said they would like to receive automatic account balance updates, notification of potentially fraudulent activity, credit card account payment reminders and credit limit warnings.

Consumers have a high level of trust in their banks, with 63 per cent saying they had "high trust" in their banks. This rating places banks second to hospitals and ahead of government services, insurance companies, internet companies and retailers.

FICO said banks could use this position of trust to offer their customers more personalised services but were not taking advantage of the opportunity.

It said: "One key advantage of mobile is the ability to integrate several channels - for instance, email, text messages and phone calls - within a single mobile solution.

"The popularity of text messages suggests there is considerable room for growth through this channel."