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Rise in mobile banking

Rise in mobile banking

Category: Banking

Updated: 08/05/2015
First Published: 08/05/2015

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 It is now over 6 months old so the content may be out of date.

When was the last time you logged into your bank account using your mobile phone? Chances are, it was fairly recently, with research from Halifax finding that mobile phone log-ins in March soared by almost 100% compared with the previous year.

The figures, taken from analysis of Halifax's customer base, show that customers logged onto their bank account almost 40 million times using their mobile, nearly double the 20 million individual mobile log ins during the same month in 2014. This signals that mobile banking is fast becoming the channel of convenience for many, it said in the report, an assumption backed up by the finding that almost two-thirds (64.6%) of all online banking logons are now being carried out via mobile phone.

This is compared with 26.4% for a desktop and 9% for a tablet, and additionally, a fifth (21%) of active online banking customers have solely used their mobile for all their banking needs in the past three months. Furthermore, over half (54.6%) of all active Halifax current account customers actively use online banking, with just under a fifth (17%) solely using internet banking during the quarter.

Despite younger customers still being the most likely to bank via a digital channel, growth in online banking was witnessed across all age groups. Around 78% of customers aged between 18 and 29 are active digital bankers, but so are 37.5% of 60-90 year-olds, and even 19% of the over-70s have used internet banking in the past three months.

"We have seen huge growth in the number of customers logging on via a mobile," said Anita Hockin, head of digital for Halifax, "so much so it is now clearly the most popular choice for active digital users, and shows a shift in the way people are choosing to do their banking."

Are you one of the countless people who bank on your mobile? If not, it could be time to get in on the action, and thanks to most current account providers offering banking apps these days, it's never been easier. Doing so could make managing your money much more convenient – and let's not forget that innovations such as Paym, the mobile payments service, mean it's easier than ever to send money to friends and family – so see what your provider offers and start reaping the rewards.

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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