07/06/2011
By Scott Thompson
Fifty per cent of British consumers will adopt mobile banking by 2014, according to new research from Monitise and the Future Foundation. The emergence of NFC technology means that a majority of Brits will treat it as a norm within three years, the research shows.
The study of 1,000 adults showed that the number of Brits who manage their money on their mobile phone has doubled in two years to almost 10 per cent of the population. This number will pass the 50 per cent mark in the next few years as banks and retailers take advantage of the widespread adoption of smartphones, apps and 3G phone networks to deliver new services.
Alastair Lukies, chief executive at Monitise, says: "This research gives a real insight into how quickly and completely Britons have made mobile banking a part of their everyday lives. The fact that more than half of Britons are expected to be using mobile money services in the next few years compared to one in 20 two years ago demonstrates an exceptional rate of growth," he added. "The driving forces are clear: People wanting to manage their money more closely; the arrival of the smartphone; and the development of 3G networks which transfer all the information required so quickly, plus the creation of new apps and services by banks and retailers."
"Mobile banking has truly come of age as people no longer see the ability to effectively manage their finances by mobile as a novelty or a 'nice to have' but increasingly as the norm," he adds.
