Mobile tops BBA study into UK consumer behaviour
The mobile is the main banking tool in the UK
Banking by mobile phone and tablet has become the primary way UK customers manage their finance, according to new research published by the British Bankers Association.
The study carried out by CACI forecast that UK consumers will use mobile devices to check their mobile accounts 895 million times this year, a figure ahead of the 705 million branch interactions forecast for the same period. It also estimated that by 2020, customers will use their mobile to manage their current account 2.3 billion times – more than internet, branch and telephone banking put together.
The findings are being published alongside a joint report by the BBA and EY, The Way We Bank Now, which found that UK customers had downloaded banking apps 22.9 million times by the end of March this year. The figure represents an increase of 8.2 million in one year. The report also forecasts customers will move £2.9 billion a week using banking apps this year, up from £2 billion in 2014.
The other findings of the report covered figures up to March. These were as follows:
- 9.6 million logins to internet banking per day, 10% up on the previous year
- 1.3 million text message alerts sent by banks to customers each day
- 43% decline in telephone instructions by customers to their bank between 2008 and 2013
- 6% decline in branch transactions across all banks in 2014
“Our report shows that there is much to look forward to,” said Anthony Browne, chief executive of the BBA. “Biometric security features will allow us to get hold of our money faster and without going through the rigmarole of passwords and PIN codes. The possibilities of using data analytics to give customers greater insight into how they spend their money and the best offers, services or products is very exciting too. It is vital that the Government invests more in 4G and high-speed broadband to ensure that as many people as possible can be included in the revolution that is sweeping through banking.”
David Ebstein, head of digital for financial services at EY, added “The British public is voting with its thumbs. Being mobile-enabled is a must, not a maybe, and banks that don’t engage properly with mobile channels risk losing relevance in customer’s lives. The next frontier of innovation will be delivering an exceptional customer experience through mobile, across products and services, and going beyond banking. The mass migration to mobile banking is an opportunity for banks to better engage with customers and regain trust customer by customer. Competition is intensifying, and successfully joining the dots between mobile, internet and branch banking could make the difference between winning and losing customers.”
