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.
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.
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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.”