The Top 6 Most Common Security Concerns with Mobile Banking Consumers

Security is always ranked high on the mind of consumers in this day and age. The adoption of mobile banking is not immune to security concerns.  In fact, according to the Consumers and Mobile Financial Services 2015 survey reported by The Federal Reserve this year, concern about the security of mobile technology is a common reason given for not using mobile banking or mobile payments (62 percent and 59 percent, respectively, of non-users).

Diving deeper into that survey, credit unions can get into the minds of their security concerned members and find out what exactly those concerns are rooted in.  Here are 6 security issues that credit union members, who do not use mobile banking, identify as their main reasons for their concern, and the percentage of respondents from the Federal Reserve survey who ID'd it as their top concern:

1. Someone intercepting my data: 22%
2. My phone getting hacked: 17%
3. Losing my phone or having my phone stolen: 9%
4. Someone using my phone without permission to access my account: 4%
5. Companies misusing my personal information: 2%
6. Malware or viruses being installed on my phone: 2%

Member education can go a long way

Credit Unions have a unique opportunity.  As we discussed in a previous blog post, Credit Union's Emphasis on Trust Holds True in Mobile Banking, credit unions have a significant advantage over banks when it comes to mobile banking, and that is the element of trust. Credit union members display a greater level of trust in their financial institutions than bank members, and this is key to credit unions gaining market share in the mobile banking era.

CU executives that recognize this, and focus their education of non-mobile users to alleviate the top 6 concerns highlighted above, stand a better chance at winning new members and expanding their footprint into existing member's financial lives.