It cited other key reasons as small device screen (29 per cent), preference to visit physical bank branch for banking needs (29 per cent) and lack of access to a stable Internet connection (15 per cent).

Besides using mobile devices to buy the usual movie tickets, flight tickets or hotel stays (35 per cent), it said a fraction of Malaysian consumers were also using their mobile devices as part of their financial technology experience.

These were the key findings of the Nielsen Mobile Shopping, Banking and Payment Report, released recently.

Nielsen said nearly one-third of respondents said they had used a banking/insurance app (32 per cent) in the past six months and that they had also bought or sold stocks/funds online (11 per cent) and purchased an insurance product online (five per cent) in the last half year.

“Nevertheless, about two-thirds are willing to make or increase the number of mobile payments if security features are enhanced (68 per cent),” the global performance management company said in a statement today.

The report said other factors, which would encourage Malaysian consumers to increase the number of mobile payments via their connected mobile device, included availability of incentives, loyalty or rewards specifically for mobile payment users (55 per cent) and speedier check-out compared to that of traditional payment methods (45 per cent).

On the future of mobile banking, in general, Malaysian consumers would like to see cheque scanning and deposit technology (51 per cent), ability to communicate with the bank via social media (39 per cent), as well as facial recognition (38 per cent), and voice recognition (38 per cent) features be developed as part of the mobile banking apps of the future.