5th Dec 2008 09:00
5 December 2008
mobile set to be MOST USED banking channel in the UK
Research shows that mobile banking use has rocketed since onset of downturn
Mobile banking is set to achieve the fastest rate of mass-market penetration in recent history, even outpacing items such as credit cards, online banking or ATMs. This is according to recent research published by the Future Foundation, a consumer-forecasting consultancy and Monitise plc (Monitise), the mobile money specialists.
11% of 35-44 year olds already use their mobile phone to manage their money
Those who have adopted mobile banking are using it even more, with nearly half (49%) of all existing customers claiming to have used the service more during the last year.
70% of consumers stated that online or mobile phone banking would help them to run their budget more efficiently
Two thirds (64%) of consumers agreed (or strongly agreed,) that it was important to be able to manage their money 24 hours a day, seven days a week
"As consumers tighten their belts they are demanding that they are empowered with more control over their money. The banks have recognised this and most have rolled out mobile money services over the past 18 months. Today, we are beginning to move into the next evolution, with banks now introducing more advanced mobile management services to their customers," said Alastair Lukies, Chief Executive Officer, Monitise.
Over 70% of all UK consumers are already offered mobile phone banking by their current banks, ranging from basic text alerts to services such as Monilink that allows them to move money between accounts. With nearly 50% of mobile phone bankers currently using the service more than last year it's clear that mobile banking is an increasingly popular choice for consumers, who are now managing their money more closely.
Meabh Quoirin, Client Director, Future Foundation added, "One of the most significant consumer trends that we have seen in recent years is a move towards 'social busyness', as people choose to fit more and more activity into daily life. Interestingly, we have already started to see this reflected in the banking industry, as consumers become proactive as opposed to reactive when it comes to managing the minutiae of their personal finances."
Alastair Lukies concluded: "Part of the success of mobile banking has been the sense of familiarity and immediacy that the service affords. People already interact with their bank in a multitude of formats and the opportunity to manage their money on a mobile phone is a natural extension to their existing financial armoury. In much the same way that the UK public embraced the concept of the mobile phone itself, it's the evolutionary nature of the service that has generated such huge appeal on the high street."
The first chapter of 'Money on the Move' is available upon request.
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Enquiries
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Monitise Group |
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Ben Evetts, Head of Communications |
Tel: 020 7868 5200 |
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Financial Dynamics |
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Juliet Clarke |
Tel: 020 7831 3113 |
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Haya Chelhot |
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Erwan Gouraud |
About Monitise plc
Monitise plc (MONI.L), the mobile money people, has created the world's first mobile banking networks, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset.
With live services in the UK and the USA, where it has delivered the MONILINK and Monitise networks in partnership with VocaLink and Metavante Corporation respectively, the Company is currently working with international partners to deliver similar safe, secure mobile banking & payment services in territories worldwide.
Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G.
Monitise was recognised as a 'Technology Pioneer' by the World Economic Forum in 2006; 'Mobile Innovation of the Year' by The Banker Magazine in 2007 and awarded
the Innovation in Messaging Award 2007 by the Mobile Messaging Association.
www.monitisegroup.com
About the Money on the Move report
The Money on the Move report is a twelve month research programme commissioned by Monitise Group in August 2008. The research was conducted during the autumn of 2008 by the Future Foundation, bringing together four data sources. Firstly, new quantitative research was conducted online with a nationally representative sample of 1,000, during October 2008. Additionally, focus groups were used to probe into consumer attitudes and behaviours. High-level interviews with several industry experts from the financial services and mobile telephony communities were conducted. Finally, proprietary quantitative research from Future Foundation's online service, nVision, was used to complete a rounded and thorough analysis of the consumer dynamic at a period of disruptive change in the industry.
About Future Foundation
The Future Foundation is a leading international consumer think-tank and strategic consultancy. Specialising in understanding socio-economic change and consumer behaviour, the Future Foundation provides intelligent research, analysis and commentary. Our research and analysis is used in development of new products and services, to inspire marketing and communications programmes, and to instill awareness of the wider operating environment throughout client organisations.
Our current clients range across most sectors and in many countries, they include almost 200 organisations across a variety from financial services, media, telecom, retail, advertising and marketing and public sector.
www.futurefoundation.net
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