Mobile Banking Use Accelerates in Personal Finance Revolution
Published on: 27th Sep 2010
Note -- this news article is more than a year old.
A 'quiet revolution' in personal finance is seeing people across the UK turn to their mobile phone to manage their money, driven by the rise of smartphone apps. More than 3 million Britons now manage their money on their mobile phone with the 'anytime, anywhere' convenience of the latest secure mobile technology encouraging some people to check their bank balance every two days via their mobile.
This means that the mobile is now the most frequent interaction banks have with some of their customers as they develop services which reflect people's busy lives on the move.
New research compiled by Monitise reveals that mobile banking users with smartphones check their accounts on average 18-20 times a month - compared to an average of six times a month for online banking and less than once a month via a call centre.
The comparisons are drawn from the latest available statistics from the British Bankers' Association1, the leading UK banking and financial services trade body, and Monitise's own database of smartphone requests.
They expose a new trend in how the UK chooses to bank, with a pronounced shift towards mobile banking driven by slicker, even easier to use smartphone financial management apps.
Alastair Lukies, chief executive officer of Monitise, said: "There's a revolution taking place as people get turned on to mobile banking - valuing the 'anytime, anywhere' control it gives them over their money, as banks increase the range of services available.
"The latest apps and software give people instant, secure access to their money enabling them to pay bills and send money to friends and family with a few clicks of a keypad."
Barry Clark of think tank The Future Foundation, which has conducted extensive research into mobile banking trends, added: "Mobile banking is not the banking of the future - it is clearly the banking of the present.
"As people appreciate that banking by mobile phone is simple, swift, secure and accessible anywhere, they are choosing to use their mobile more often to manage their finances and engage with their bank."