UK consumers negative on FS mobile apps
Written by Peter Walker
New research from LINE Corporation has revealed that when it comes to using mobile apps to access financial services, people in the UK are more negative than the global average.
The messaging app's survey of 5,000 smartphone users in seven key markets found that only 40 per cent of Brits would be willing to wire money on a mobile app (versus 57 per cent overall), with 53 per cent willing to open a savings account (versus 65 per cent overall) and just 28 per cent willing to make investments (compared to 45 per cent overall).
On the other hand, the UK was quite positive when it comes to buying insurance through a mobile-based system, coming out on top for buying home insurance (77 per cent of UK respondents versus a survey average of 50 per cent), collateral insurance (52 versus 28 per cent) and pet insurance (41 versus 22 per cent).
The research showed that consumers in Taiwan, Thailand and Indonesia are among the most ready in the world to embrace a cash-free, FinTech future, whereas in Japan and other markets surveyed, consumers are taking more of a wait-and-see approach.
The survey looked at consumers in LINE’s four major markets of Japan, Thailand, Taiwan and Indonesia, plus Korea, the UK and US.
When it came to cash versus digital currencies, respondents in the UK, US and Japan were less eager to stray from traditional methods. Only a small percentage of respondents reported being excited about becoming cash-free, with Japan at 24 per cent, the US at 20 per cent and the UK last among the surveyed markets at 19 per cent.
The UK, US and Japan were also behind the survey averages for being willing to use mobile to buy FinTech services.
Japan had the lowest percentage of respondents say they would be willing to open a savings account, at 49 per cent, then the US at 53 per cent and the UK at 57 per cent – compared to a survey average of 65 per cent. For making investments over mobile, however, the UK was last at 28 per cent, followed by the US and Japan at 37 per cent, closer to the survey average of 45 per cent.