MADRID, Spain—Residents of the U.S. are surprisingly skeptical about the viability of mobile-only banking.
After surveying over 3,000 adults from the U.S., Chile, and Mexico, Fintonic found that 26% of Americans say they would never use mobile-only banks, and are more bearish on the subject than their Latin American counterparts—just 12% of Mexicans and 16% of Chileans are this unconvinced about mobile-only banking, reported Digital Trends.
One of the biggest reasons Americans cited for their reluctance to turn completely to their smartphones for their banking needs was the lack of interpersonal communication, the study found.
“It's a curious complaint given the prevalence of email, text, and messaging services as primary forms of communication. But to be fair, it's a bit different to share news with friends via text than it is to share a social security number with a robot,” Digital Trends noted.
And that may be why 31% of U.S. respondents said they preferred to go to their bank and speak with someone in person, the study found.
Overall, the study shows Americans are highly suspicious of mobile banking, and less excited about the prospect of turning their finances over completely to their phones. In fact, 36% said there’s not a need for mobile payment apps. Also, just 11% of U.S. respondents said they would no longer need physical wallets in five years.