Mobile banking is a hot concept in the United Kingdom.
Smartphones owners in Great Britain are choosing – with greater frequency than ever – to manage their finances by way of their preferred mobile platform.
Based on the findings of a new survey spearheaded by mobile web and application specialists Antenna, roughly 25% of smartphone owners in the UK now utilize their phone for mobile banking – which is broadly defined as an array of services spanning account balance inquiries to transaction reviews.
Antenna Chief Executive Jim Hemmer tells Reuters: “consumers, particularly younger ones, had little loyalty for which bank they used and therefore the banks could attract more customers if they improved their offerings.”
Consequently, as smartphone technologies and accessibility continue to grow, so too will the popularity and increasing reliance upon mobile banking, say the mobile banking market-watchers.
“Mobile banking has now taken hold,” Hemmer tells Reuters. “People want to take care of their banking when it makes sense to them and not when a branch is open. So banks have to rethink their model. There is not as much brand loyalty as there used to be and so they really have to think about the service they offer.”
Hemmer said, however, that security was still a big issue for many consumers, especially older consumers, and that is why many were still using the service for basic tasks such as checking their balance and finding the nearest cash machine.
The Antenna survey was conducted by YouGov and surveyed 1,028 consumers in Great Britain who engage the Internet via mobile phone, smartphone or tablet computer.