UK mobile banking leaps in popularity

Published on 03 April 2014 by in Latest News

customer experience mobile banking app UK mobile banking leaps in popularity The number of transactions made via mobile banking apps doubled between 2012 and 2013, according to a new study from the British Banking Association. The research, The Way We Bank Now, looked into the customer behaviour of the UK’s biggest retail bank, discovering that more than 5.7 million transactions were made over the course of a day via smartphones and tablet devices.

Speaking about the research, Anthony Browne, chief executive of the British Banking Association, commented that “a revolution is underway in how people spend, move and manage money.” He said:

‘This is not just about the phenomenal growth of mobile banking, which has already allowed millions of British customers to make billions of transactions from the palm of their hand…This is innovation that connects us more strongly to our banks than ever before and gives us greater freedom to handle our money wherever and whenever we please.’customer experience mobile banking UK mobile banking leaps in popularity

According to the study, banking customers used their mobile phones to make 18.6 million transactions over a seven-day period in 2013, compared to 9.1 million per week in 2012. The insight also discovered that over 12.4 million banking apps were downloaded across the research period.

The report from the British Bankers Association highlights the growing role mobile services plays in the day-to-day activities of consumers. The study comes following comments from Simon Pomeroy, head of digital and customer experience, at Westpac NZ, which highlighted the need for financial institutions to evolve to meet customer demands.

‘The change that is occurring in banking, as in the other traditional big models, is being driven by the customer, and decisions in meeting that challenge will have flow-on effects for years to come.’

You can read the rest of the interview with Simon Pomeroy here or follow numero on Twitter for more insight into the evolving demands of the UK consumer.

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