Banks must keep up with technological developments to make it easier for their customers to use mobile banking, while regulators have to overcome concerns about privacy and security, says professional services firm KPMG.

In a new report that has implications for SA’s banks, KPMG said last week that the rapid adoption of mobile banking was changing relationships among banks, retailers and telecoms providers.

It was also presenting new challenges on how to profitably grow market share and continue to be relevant to customers, said KPMG in the report based on a study of the views of 9600 respondents from 31 countries, including SA, on technology and its effect on consumers.