Half of bank clients
access digital platforms
To check bank statements,
manage credit cards
A study published by ArabNet on the use of online and mobile banking services has reported that 54 percent of local bank clients access their accounts via a digital platform.
The adoption rate is higher for bank clients who earn a higher income. The major adoption motivators include easier access and simpler follow-up on transactions, as well as reduced banking time, and week-long access. Ten percent access their accounts exclusively via mobile phones.
Nine percent have previously used digital platforms but have since stopped.
Omar Bader, CEO of Pinpay, a provider of mobile payment solutions, said that there are several interrelated causes that affect the frequency of digital banking usage. The availability, speed, and cost of Internet connection are prime factors, Bader said. The other related causes are the smartphone penetration rate and the pace at which local banks adopt digital customer solutions.
The most frequent activities performed by adopters of digital banking include checking their bank statements and managing their credit cards and bank accounts, according to the report.
Cash withdrawal is the most common reason cited for visiting a bank branch.
A large portion of clients frequently visit their branches in person, with 37 percent at least once a month, and 28 percent at least once a week.
ArabNet’s report, prepared in collaboration with On Device Research, is based on a survey of 500 local respondents.
Reported by Shikrallah Nakhoul
Date Posted: Apr 08, 2016