Survey Reveals Only 1 in 4 Expats Use Mobile Banking Services Abroad

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A recent survey by ExpatForum.com showed that most expats “never use” mobile banking tools, despite holding several bank accounts in different countries.

Survey results for expat mobile banking study

Expat Forum survey results show only 1 in 4 expats use mobile banking

In 2010 there were around 200m expats worldwide – that’s a significant number of people working internationally who don’t make use of mobile technology for banking.

The study, conducted by ExpatForum.com in conjunction with Barclays International, polled 10,000 expats to find out how they manage their finances while working abroad. Of the respondents, 73% said they “never” accessed their bank accounts from a smartphone or tablet device, 17% reported that they “occasionally” used mobile banking platforms, and “10%” “frequently” checked bank accounts while on the go.

Commenting on the research, Bob Sheth, Editor of ExpatForum.com, said “In 2010, there were around 200m expats worldwide – that’s a significant number of people (almost 150m) working internationally who don’t make use of mobile technology for banking.”

Sheth went on to say: "Currency, living costs, wages and money in general make up a huge part of the discussion volume on the forum. So our survey results showing 75% of technologically-aware expatriates not using mobile banking services is very curious. My inference has to be that the technology has some way to go before it will be "expat ready".

Expat banking requirements are more sophisticated and perhaps mobile apps just haven't caught up to the higher level of functionality required by the typical expat, who may have multiple accounts in more than one country and would be very mindful of currency fluctuations. Perhaps these results should be seen as an opportunity for the banking industry to catch up and service an untapped level of demand. "

Read the full article here: http://goo.gl/RkNFy

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Bob Sheth
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