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.