The results suggest that one-third of UK consumers are expect they will do all their bank via a smartphone by 2020. While a majority of banks are expecting all their customers to be accessing mobile banking in some capacity by 2017.
The report is based on a survey which was carried out earlier this year, with included 30 customer service managers from UK banks and 2,000 UK consumers. Other findings suggest that while the public are ready to embrace mobile banking, they will quickly turn away if they did not receive a high level of service.
Nic Merriman from Avanade commented: “The way banks provide financial services is changing.Customers are looking for personal financial management on their mobile devices. Multi-channel banking is coming, and the mobile will be the dominant form. Banks that can provide a customer-centric model that links their services together effectively will be the ones to come out on top.”
Many services are now in operation which allow smartphone users to pay for goods via their smart-phone which consumers have been so far slow to take up.
It is thought that the main stumbling block for mobile banking are issues around security. If a provider can create a platform which provides a high enough level of reliability and security, they will jump to the forefront of mobile banking technology.