ATLANTA—Payments experts may think mobile technology is crucial for banks and other financial-service providers, but it turns out a significant chunk of financial institutions don't agree, a new study shows.
According to research by a number of Federal Reserve Banks, 14% of respondents in a poll of both banks and credit unions said they not only don't offer mobile payments and other mobile-banking services but have no plans to offer them.
“These were, with just one exception, institutions with assets less than $500 million, but the group included an almost equal number of banks and credit unions,” stated Digital Transactions in its analysis.
The survey came from the Atlanta Fed, along with the Boston, Cleveland, Kansas City, Minneapolis, and Richmond Fed districts. Digital Transactions reported that researchers were surprised by the “relatively strong lack of interest in offering mobile banking.”