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Tablet banking on the rise

By David McMillin · Bankrate.com
Saturday, December 3, 2011
Posted: 12 pm ET

As banks work to deliver new tools for account holders, a survey shows that the future of mobile banking may be bigger than a smartphone.

In a survey conducted by Oracle Communications, more than 3,000 mobile users indicated there is a very bright future for tablet computers. The majority of people have jumped on the smartphone bandwagon, but when it comes to money management, tablets appear to be the technological tool of choice.

Here are a few key highlights:

  • Within the next 12 months, 41 percent plan to buy a tablet computer.
  • As opposed to using a smartphone, 34 percent prefer to use a tablet for banking and finance apps.
  • For banking and finance apps, 55 percent use both tablets and smartphones.

I'm not surprised that many consumers feel more comfortable with the expanded screen space. Transferring funds and monitoring account balances on a tablet feels more like traditional online banking, a method that many account holders use on a daily basis.

It turns out that added screen space may prove to be a big benefit, too. I spoke with Andrew Hoog, Chief Investigative Officer at digital forensics firm viaForensics, about getting started with mobile banking last month, and he emphasized that small screens on smartphones make users more susceptible to phishing scams.

Of course, the survey reinforced one fact that the mobile industry simply hasn't been able to overcome: Users fear for their data security. A whopping 68 percent of respondents indicated they are not sure if data stored or transmitted on mobile devices are secure. As the banking industry continues to push account holders toward mobile and online channels, these security concerns will need to be answered. Regardless of screen size, account holders will want to know that their information is private and protected.

How do you feel about mobile security? Are you already banking with an app on your tablet computer? If so, do you find it easier and more efficient than your phone?

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2 Comments
kim burke
January 20, 2012 at 12:55 pm

I bought an iPad2 last week and have checked my bank balances with it. Well, lo and behold, someone nabbed my husband's SSN off of our checking account and the ONLY thing we can think of is the iPad. Needless to say, I'm not going to use it for ANY financial purposes in the future!