Doing money and banking transactions via smartphone is now part of everyday life for many consumers. According to a survey, however, safety concerns still prevail for around a third.

More than every third adult in Germany does not use any smartphone apps from banks or financial service providers. This was the result of a representative survey by the opinion research company YouGov, which was published in Cologne on Monday.

36 percent said: “I don’t want to save my bank details on a smartphone” and 31 percent said that they were basically not interested in banking apps. 28 percent expressed safety concerns.

The reservations about smartphone banking are somewhat more widespread among female respondents than among the male participants in the survey. According to their own statements, 62 percent of men have installed a financial app on their smartphones, but only 56 percent of women. Age also plays an important role: 69 percent of millennial respondents (25 to 34 years) have downloaded at least one app from a branch, online, mobile bank or independent multi-banking service provider. In the age group 55 years and older, this value drops to 52 percent.

In the study, participants were also asked what feature they would like to use in a finance app that doesn’t exist yet. Here, the respondents wanted to be rewarded for their sales. 16 percent each wanted a cashback, i.e. a bonus directly in money, and sales bonuses that are paid in kind. 13 percent of those surveyed would like better support from the app when dealing with the tax office. For this purpose, postings should be analyzed for their relevance for tax returns. 9 percent of those surveyed can imagine that the banking app will be accepted as a kind of ID in certain situations, for example when it comes to concluding a mobile phone contract.