Latest Quantum Metric Report Reveals Consumer Lack of Confidence in Mobile Banking Transactions
Quantum Metric, the leading Continuous Product Design platform for customer-driven digital experiences, has unveiled new statistics highlighting a significant lack of consumer confidence in mobile banking. According to the report, 39% of consumers express doubts about mobile banking transactions, with only 20% regularly making purchases on their phones. The findings suggest that issues such as app instability, unreliable payments, and security concerns are hindering mobile conversions.
The newly released mobile benchmark report, titled ‘The Role of Mobile Performance in Building Consumer Confidence,’presents key insights:
- 49% of consumers have faced payment failures while shopping on mobile, with 35% calling for more reliable payment processes.
- 55% of mobile shoppers are likely to abandon transactions if they take longer than 3-5 minutes, yet the financial services sector reports 48% higher long spinner rates on mobile compared to desktop.
- While 73% of monthly eCommerce traffic originates from mobile devices, the financial services sector captures just 56% of its traffic from mobile.
- Only 17% of consumers feel confident making purchases over $250 on mobile.
The report identifies the main causes of distrust in mobile transactions as errors that lead to inaccuracies or roadblocks (43%), followed by a lack of tools compared to desktop (33%), and security concerns (25%).
Danielle Harvey, Global VP and Head of Travel & Hospitality Strategy at Quantum Metric, stressed the need to address these challenges: “Investing in the right areas now can alleviate customer concerns and unlock mobile’s true potential, especially ahead of peak periods like Black Friday and Cyber Monday. By leveraging data-driven insights to better understand mobile journeys, offering personalized experiences, and enhancing security, businesses can transform mobile’s promise into profit.”
Full report here