According to the latest study by YouGov, just 20% of UK smartphone users have taken up the opportunities offered by mobile banking services.

The barries to users banking through their smart phone is security issues regarding personal data and banking information. In addition, out of those surveyed nearly 60% stated that they were ‘unlikely’ to take such services in the future.

The latest ‘mobile wallet’ services were given similar treatment, with 67% of people of trusting the concept. Interestingly 22% of the respondents recorded that they were of the opinion that mobile wallet technology will not work.

Of those surveyed it is propably no surprise to hear that it was the younger age group who gave a more positive reaction. Out of the 18-24 year old age group who use a smartphone 42% said they were willing to take up new mobile wallet technology. However, even amoung the younger age group there was still big security fears with 52% saying they were unlikely to begin using the services.

Iain Regan, head of sales and marketing at First Source told Telecoms.com: “It seems that there are still challenges to the widespread adoption of mobile banking. Customers still have a lack of trust in mobile banking security which banks need to overcome by providing reassurance of security while at the same time making security procedures intuitive and easy to use.”

All the major mobile operators have signed up to a joint venture called ‘Oscar’ to deliver mobile wallet services in partnership with banks.

(Photo courtesy of UniBulMS on Flickr)