Analytics, Banks, Financial Services, Internet, Latvia, Technology

Younger respondents are more open to management of financial services via smartphones - people aged under 29 years are most willing to make swift money transfers (38%) and to use all kinds of banking services (39%) via their phones.

The survey showed that 40% of Latvians would like to receive all key financial information via their smartphones and 29% are willing to manage all financial services, using their phones. For 63% it is important that they could use their smartphones to block their lost or stolen payment cards, 23% want to be able to make money transfers quickly and 20% would like to use their phones to pay for their purchases at stores.

Men are more willing than women to pay for their purchases with smartphones (30% against 12%). At the same time, the option of blocking a lost or stolen payment card via a phone is slightly more important for women than men (65% against 60%).

"People's wishes and the already existing habits demonstrate that on the whole the Latvian population is open to different innovations allowing for more convenient handling of everyday financial matters," said Vadims Frolovs, a board member and the head of the Customer Service Department at Swedbank Latvija.

Swedbank will soon start offering its customers a new service - contactless mobile payments.

The survey was carried out in January 2018 in cooperation with Snapshot pollster among 700 Internet users aged 18-74 years across Latvia.

Swedbank is the largest bank in Latvia in terms of assets.