A new survey shows younger smartphone users are increasingly turning to mobile banking to help manage their finances. Can banking on the go help you make the most of your money?
Smartphones are on the rise, giving more consumers access to both the internet and powerful mobile apps wherever they are.
Now, new research by YouGov on behalf of mobile web and app specialists Antenna has found that smartphones are changing the way young people access banking services.
In a survey of US and UK smartphone users, Antenna found that 25% of UK consumers who regularly accessed the internet via smartphones or tablets also use mobile banking services – and the number is growing.
Part of the reason for the increase is the growth of apps provided by banks. Because these are specifically designed for a smartphone’s smaller display, they’re easier to use while still providing the most important functions of banking websites.
Antenna Chief Executive Jim Hemmer told Reuters that younger consumers in particular have little loyalty to an individual bank, giving banks the opportunity to attract new customers with improved offerings.
However, Hemmer added that security concerns are still an issue for many people – particularly those who worried about issues like making payments or transferring money via their smartphone.
As a result, many who are currently using mobile banking apps are sticking to simple tasks like checking their balance, reviewing statements and finding the nearest cashpoint.
Moneyhighstreet comments: “Smartphones are changing more than just banking. Mobile apps are also changing where and when we shop, and how we choose products and services.
“As banks vie for new customers, their mobile offerings are becoming increasingly important.
“With banking apps, customers have the opportunity to access their balances and account statements wherever they are, giving them to knowledge to make more informed financial decisions and better manage their personal finances.”