BestMark News

Studies suggests consumers unsure how to handle their money

Amid so much economic uncertainty, it appears as if consumers are growing increasingly uncertain where to put their money.

While demand for mobile banking services is on the rise, spurred in large part by mobile developers and tech firms in Silicon Valley, a recent Ogilvy & Mather survey found consumers trust financial services firms with their money over tech giants like Google and eBay.

However, trust in banks in general has dwindled since the economic collapse, and financial security concerns are reaching the point of chaos. A survey released Wednesday by Fundtech found nearly three-quarters of bankers claim their clients would switch to another financial institution for better security.

"Addressing fraud is the banking industry's most pressing problem," said George Ravich, chief marketing officer at Fundtech. "With little expectation that cyberattacks will be brought under control anytime soon, banks, their customers and their technology suppliers must collaborate in order to effectively quell this growing challenge."

Still, demand for mobile banking services is on the rise, as the same survey found 44 percent of bankers reporting strong demand, compared to only 26 percent last year.

In all, conditions seem to depict a perpetual state of confusion among consumers when it comes to handling their money.