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Mobile banking in the United Kingdom to reach a weekly £3.4 billion

BWild | April 23, 2015

That will mean that these smartphone apps will have increased by double in that market by 2020.

According to the data revealed in a new Fiserv commissioned report, the number of mobile banking users in the United Kingdom is likely to nearly double by the year 2020, bringing it from the current 17.8 million to become 32.6 million.

The research also found that online banking occurring over laptops and computers will also keep growing.

The report was entitled the “Future Trends in UK Banking” and was created by the Center for Economics and Business Research. What it found was that mobile banking apps will be growing to reach £3.4 billion per week between now and 2020. At the same time, online banking is predicted to rise to £9.4 billion per week during that same span of time. This will bring about a considerable increase that is expected to reach a total of £12.8 billion per week by way of all online channels.

At the moment, only about 34 percent of adults in the United Kingdom are believed to use mobile banking services.

UK Mobile Banking As the use of smartphones and tablets grows very quickly throughout the United Kingdom and adults in that country seek a larger number of mobile financial services, the report has indicated that there will be a near doubling of usage by 2020. At that time, it is expected that 60 percent of U.K. adults will be using those services.

If that many new device users start to use smartphone banking apps, it will mean that there will be 14.8 million new users of those services over a span of five years. This could present a considerable opportunity, says Fiserv, for banks of all sizes to develop new and innovative business models in order to be able to boost their appeal to consumers. It will also allow larger and more established banks to enhance their offerings through broader and improved digital services.

According to the Fiserve chief marketing officer, international group, Travers Clark-Walker, when discussing this mobile banking research, “The technological developments allowing for the recent surge in digital banking are also enabling banks and new entrants to reach potential customers more quickly and cost effectively than ever before.”

Mobile banking is being used, but this is only the beginning

Dan Gendro | April 13, 2015

More than half of smartphone owners in the United States currently use this type of app and service.

According to recently released survey data from the Federal Reserve and an analysis conducted by Business Insider, about half of all smartphone owning American adults are now using mobile banking in some form, but at the same time, there is still a long way to go before it can be considered to be truly mainstream.

Among the general population, not just smartphone owners, the uses of these services is considerably lower.

The data showed that in 2013 the percentage of American smartphone owners who were using mobile banking services was about 51 percent. By the same time the next year, it had risen to only 52 percent. While it is growing, and while this does mean that more than half of all of these individuals users are also taking advantage of these services, it shows that the rate of growth is very slow and there is still a great deal of room for this type of usage to improve.

The fastest mobile banking penetration growth is occurring more quickly specifically among smartphone users.

Mobile Banking - American Smartphone Users The general population may not be seeing a rapid growth, but when taking a more focused look at the people who actually have the devices, there was a rate of increase of 6 percent, compared to the tiny 1 percent seen by the general population.

When looking at American adults who have bank accounts, regardless of whether or not they were smartphone owners, there was a 5 percent increase in the use of banking services over mobile devices. Across the entire American population, the penetration of banking over mobile devices reached 34 percent in 2014.

It was pointed out that it is very unlikely for feature phone owners to try to use mobile banking services will see much of an increase. The reason is that banks have not been releasing the types of apps that would be usable in feature phones, when the population is rapidly making the transition over to smartphones and the vast majority of device owners have that specific type of cell phone.