Mobile banking on the rise - Banking - News - Moneyfacts


Mobile banking on the rise

Mobile banking on the rise

Category: Banking

Updated: 17/10/2014
First Published: 17/10/2014

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 It is now over 6 months old so the content may be out of date.

Many of us rely on our smartphones in day-to-day life, whether that's for communication, connectivity, banking activities, or even to shop. The latter two are becoming increasingly popular, research from Unique Digital and YouGov has revealed, with mobile banking officially on the rise.

Transaction levels have shot up over the last year, with the figures showing that 42% of online consumers now use mobile devices to search for and complete financial transactions, and a quarter choose to complete purchases on a smartphone or tablet rather than going in-branch – and they'd even rather the convenience of their smartphone over a PC or laptop.

The top two reasons consumers gave for using their mobile devices to complete transactions were ease of use (44%) and speed (33%), highlighting the importance consumers place on convenience.

"The days of consumers just researching items on mobile devices are gone," said Phil Stelter of Unique Digital. "Purchases are being completed on the same device with increasing regularity."

So, are you one of the many to use your mobile device to bank, shop and spend? The various apps and mobile payment systems available makes this a very real possibility, and the likes of Paym – the service that lets you send payments by simply using your mobile phone number – will only add to the potential.

Most banking providers have online banking capabilities these days, and many will give you the option to download their own app so you can carry out your banking transactions with ease. If yours doesn't offer the service you're after, it could be time to compare the alternatives.

Competition is rife in the current account market at the moment, with providers vying for your attention with high interest rates, cashback deals and various other incentives to get your custom. Plus, the Current Account Switch Service has made it easier than ever to change accounts if you're not happy, so start considering your options and join the mobile banking revolution.

What next?

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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 Any products featured may be withdrawn by their provider or changed at any time.

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