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 The Converged Lifestyle Report (KPMG): Mobile Banking 

This year’s Consumers and Convergence report by KPMG has highlighted current trends in the consumer sector. The stand out for retail banking, is mobile payment services. The study details how banks need to work with retailers, mobile operators and technology companies to develop new mobile payment solutions and meet the growing new demand of consumers.

KPMG found that over half of the report participants had used mobile banking in the past six months, up from 40% in 2010 and 20% in 2008. Although this growing percentage of connected consumers is promising, the study found 38% of respondents were unaware of any mobile services which their bank offered. As far as mobile payments go, security and privacy are still one of the top concerns for users. On a promising note, consumers do consider banks to be the most trusted organization for mobile payments.

Device preference also plays a part in the statistics. The report pointed to the scenario that users may choose to pay bills and conduct transfers on their PC but favor mobile payments for retail or other 'on-the-go' transactions.   

Mobile payment services offer banks the opportunity to redraw their relationships with retailer and consumers. It is important that banks do  not ignore this chance, employ the necessary technology and communicate it effectively to all of their customers.