Mobile banking is set to be the most widely used banking
channel in the UK, according to a survey of 1,000 people.
It looks likely to achieve the fastest rate of mass-market
penetration in history, even outpacing banking channels like credit
cards, ATMs and online banking, according to the research from the
Future Foundation
and mobile money specialist
Monitise.
The survey found that 11% of 35 to 44-year-olds use their mobile
phones to manage their money. Those who have already adopted
mobile banking are also using it more frequently than before,
with nearly half (49%) of all existing customers claiming to have
used the service more extensively over the last year.
Seventy per cent of consumers said online or mobile phone
banking would help them run their budgets more efficiently.
Two-thirds (64%) agreed (or strongly agreed) that it was important
to be able to manage their money 24 hours a day, seven days a
week
Alastair Lukies, chief executive of Monitise, said, "As
consumers tighten their belts they are demanding that they are
empowered with more control over their money. The banks have
recognised this and most have rolled out mobile money services over
the past 18 months.
"Today, we are beginning to move into the next evolution, with
banks now introducing more advanced mobile management services to
their customers."
It is estimated that over a million people in the UK have
adopted mobile phone banking, ranging from basic text alerts to
services such as Monilink from Monitise, that allow them to move
money between accounts.
Over 70% of all UK consumers are already offered mobile phone
banking by their current banks.