Mobile banking expected to skyrocket by the end of 2013
Photographer: WEWS
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 08/20/2012
CLEVELAND - By the end of 2013, roughly 43% of bank customers are expected to be using their smartphone for banking on the go, according to The Federal Reserve.
The report said that it is the younger customers leading the trend. But not all young smartphone users are ready for mobile banking.
"I would never use my phone for banking personally, I don't even use the Internet, I don't think it is secure," said Cleveland State University senior Megan McKenney.
But others haven't ruled out the idea all together.
"Probably not right away, I'll probably wait and see how easy it is for someone to hack into your phone and get into your accounts," said Heather Bort.
Security is the number one reason for those who will not use mobile banking.
"It is safe, as long as you take precautions especially how you choose your password," said Tom Eston with SecureState.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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