Abstract
Extensive research of mobile financial services has been conducted in digital finance, FinTech, blockchain and cryptocurrencies. These new technologies and products are changing the financial services industry. It is critically important to know how customers will accept these changes. This article aims to discuss the inclusion of Mobile services in the financial sector and how users are likely to adopt mobile financial applications (MFA). Empirical investigation was conducted into what a customer considers to be most important when using MFA and the correlation between level of income of the user and adoption of MFA in Lithuania and in Germany. The findings show that income influences the adoption of MFA in Lithuania, but has no effect in Germany. Also, the key factors of using MFA are: security, comfortability, fast performance and cost. In addition to analysing results, new recommendations are proposed to improve future mobile financial services.
Highlights
The development of mobile services (m. services) has changed the everyday life of people
The mobile financial service providers use modern, innovative technologies such as blockchain, artificial intelligence, augmented reality, big data analytics, social networks and more in order to satisfy the needs of customers
The demand for mobile services will only increase over the years, because these business functions are independent of time and location
Summary
The development of mobile services (m. services) has changed the everyday life of people. The demand for mobile services will only increase in the future. Mobile banking applications, blockchain, virtual reality and augmented reality are some of the new technologies in the financial sector. These technologies are changing the way customers use financial services. The object of this article is mobile services in the financial sector. The problem of the paper − rapidly changing technologies in the financial sector. The purpose of the research – to analyse mobile services in the financial sector and propose new recommendations to improve future financial services mobile applications. H1: the most important factor for customers deciding whether to use a mobile financial application is security. H2: customers with higher income more frequently use mobile financial applications, than customers with lower income
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