According to the latest study conducted by ING International Survey (IIS) on mobile banking, when Luxembourg residents were asked why they use mobile banking, more than three quarters said they did so because it is practical (79% versus 68% Europe-wide) and easy to use while doing other things: 12% say they conduct banking transactions while watching television, 10% from work, 6% while travelling, etc.
The second reason why they use it is because it is free, say more than two thirds (67%) of respondents.
Finally, the third reason put forward by users (64%) is the possibility offered by mobile banking to manage their finances more effectively.
As regards what respondents use mobile banking for, nearly three quarters of them (73%) say they use it to send money to their friends, more than two thirds (68%) to set up standing orders and over a quarter (27%) to change their contact details via the application.
Finally, more than nine residents out of ten (94% versus 91% Europe-wide) own a smartphone and nearly two thirds of them (62% versus 69% Europe-wide) have already used it to conduct their banking transactions.