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UK Banks Starting to Embrace Mobile Platforms

Mobile Commerce Insider Featured Article

July 10, 2014

UK Banks Starting to Embrace Mobile Platforms

By Oliver VanDervoort
Contributing Writer

When it comes to the banking world these days, mobile is the name of the game in a really big way. American consumers are using mobile banking more than ever before.  And North America is certainly not the only continent sampling this relatively new technology; a new report indicates British consumers are also adopting mobile banking at an “incredibly rapid rate.

The “Way We Bank Now” survey is a joint production of the British banking lobby group and financial analyst Ernst & Young. The report indicates mobile and Internet banking now makes up about $1.7 billion worth of transactions per day. The study also indicates mobile banking applications for smartphones and tablets have been downloaded more than 15 million times. The rate at which these apps have been downloaded is up 2.3 million from the last tally taken in January.

It stands to reason that mobile banking is becoming so popular is because the technology surrounding the financial sector in general is growing so quickly. The growth in the mobile financial world has actually grown so quickly many credit it for the reason bitcoin rose to power briefly last year. Bitcoin might be slipping a bit in popularity in 2014 but mobile banking in general is alive and well.

The survey doesn't really see an end in sight when it comes to popularity and mobile banking. The report says mobile banking is expected to grow by as much as 50 percent over the next few years. More banks in the UK are finally starting to see the need to embrace the technology, and some firms that have been slow to adopt are playing catch-up these days. One bank in particular, the Royal Bank of Scotland, said last month that it plans to spend more than $1.7 billion over the next three years in order to make its retail banking business more Internet and mobile friendly.

Edited by Adam Brandt

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