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09/12/2011 -
While a considerable slew of hostility has been directed at banks in recent months, perhaps most visibly in the ongoing Occupy Wall Street protests, young adults seem to trust financial institutions over other alternative payment providers when it comes to mobile payment services.A report released this week by Market Strategies International found 46 percent of consumers aged 18-34 claim they would prefer a financial services company provide them with a mobile payment device or service. Only 17 percent said they would prefer such a service from a technology company, and 10 percent said they would choose a communications company such as a mobile service carrier.
"We tested the hypothesis that younger folks who are quick to adopt new technology and are willing to put their entire lives in Facebook trust these alternative providers more than they do banks, and found no support for that theory," says Mark Willard, senior vice president and head of Market Strategies' financial services division.
The study actually found younger consumers are even more intent on bank-provided mobile payment services than older generations.
Another recent study from Ogilvy & Mather concurred, finding surveyed consumers trust credit card firms over tech companies when it comes to mobile payments.
