Mobile banking is number one - Banking - News - Moneyfacts


Mobile banking is number one

Mobile banking is number one

Category: Banking

Updated: 15/06/2015
First Published: 15/06/2015

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Mobile banking has gradually seduced more and more customers, and has now been named as the leading way in which consumers manage their finances.

Taking the lead

According to research by the British Bankers' Association (BBA), mobile banking has now overtaken branch and internet banking as the favoured way for British customers to access and control their money and investments, with estimates predicting that they'll use their mobiles to check their current account 895 million times in 2015. This figure completely dwarfs the estimate for branch banking, which stands at just 427 million.

The popularity of mobile banking is unlikely to stop there, either. By 2020, the BBA predicts that customers will use their mobile to manage their current accounts 2.3 billion times per year, more than internet, branch and telephone banking put together.

These findings come alongside research by the BBA and EY revealing that mobile banking apps had been downloaded 22.9 million times by the end of March this year - a staggering rise of 8.2 million in just one year. The amount of money being moved through banking apps has also increased, with £2.9 billion now being moved a week, up from £2 billion in 2014.

Meanwhile, declines in both telephone and branch banking have been noted, with telephone banking dropping by 43% between 2008 and 2013 and in-branch banking falling by 6% in 2014.

According to Anthony Browne, chief executive of the BBA, this shift is a "real game changer for the British public", as it enables customers to check their balances, make payments and keep up-to-date on investments quickly and easily. Advances in contactless payments and the ability to pay friends and family using just a mobile number are also likely to have fed into the popularity of mobile banking.

Commenting on the results, David Ebstein of EY said: "The British public is voting with its thumbs. Being mobile-enabled is a must, not a maybe, and banks that don't engage properly with mobile channels risk losing relevance in customers' lives."

Jump on the bandwagon

If you have been immune to the revolution in mobile banking so far, perhaps it is time you joined in! Mobile banking can be a fast, secure way to keep tabs on your savings, budget and expenditure, so it really is worth a try.

If you want to give it a go, check that your bank has enabled mobile banking and then download their app. It's also worth checking whether your bank has signed up to Paym. Paym allows you to send money to friends and family by using just their phone number and its popularity is growing.

If your bank doesn't offer these services but you really want to give them a go, vote with your feet and move to a new current account! Switching is now easier than ever thanks to the Switch Guarantee, so why not take a look at the market for an account that suits you? Once you have tried mobile banking, you may wonder how you ever lived without it!

What next?

Check out the best current accounts on the market

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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