Smartphone apps drive quiet revolution in banking

A 'quiet revolution' in banking is being driven by smartphone applications and mobile money management, a report has claimed.

A 'quiet revolution' in banking is being driven by smartphone applications and mobile money management, a report has claimed.

According to research commissioned by UK-based mobile banking firm Monitise, smartphone owners check their bank accounts three times more frequently than those using internet banking.

Alastair Lukies, CEO 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," he added.

The research found smartphone users check their accounts via mobile banking on average 18-20 times a month compared with an average of six times a month for online banking - and less than once a month via a call centre.

Barry Clark, of think tank The Future Foundation, said, "Mobile banking is not the banking of the future - it is clearly the banking of the present."

Monitise provides banks with its Mobile Money Manager technology platform to allow customers to check bank balances, read mini-statements and transfer money via smartphone apps.

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