Banking: UK Goes Mobile

In a further effort to help people save more time, the UK is enabling banking customers to deal with their banking through their mobile phones.  According to a recent article in Mobile Marketing Watch, anyone who owns a smartphone now has the option of mobile financial management.

Time Saving Opportunity

Through the phone, customers are able to enjoy services like balancing their account and reviewing transactions – anything that they might ordinarily have had to gone into the bank for previously.  This of course makes things much easier and less time consuming.  And since time is money, it has to be good for the economy too.

According to a new survey conducted through Antenna, approximately 1 out of 4 UK smartphone owners “now utilize their phone for mobile banking – which is broadly defined as an array of services spanning account balance inquiries to transaction reviews.”  Indeed, Him Hemmer, the company’s Chief Executive, told Reuters, “consumers, particularly younger ones, had little loyalty for which bank they used and therefore the banks could attract more customers if they improved their offerings.”

Increased Accessibility

These days, technology and accessibility is constantly increasing.  Through this, there will be an escalation in mobile banking users.  More and more people will start relying exclusively on this type of banking.  As Hemmer told Reuters, “mobile banking has now taken hold.  People want to take care of their banking when it makes sense to them and not when a branch is open. So banks have to rethink their model. There is not as much brand loyalty as there used to be and so they really have to think about the service they offer.”

 

 

Jonathon Bowes

About Jonathon Bowes

Jonathan Bowes started his career in banking. After a few years, he took courses in business and finance and worked his way up the corporate ladder. Today, while writing part-time for Business District, Bowes assists talented people to find jobs in the field of economics. Contact Bowes at Jonathon[at]businessdistrict.com