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46 per cent of UK adults now use mobile banking

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18/02/2015
Nearly half (46 per cent) of UK adults say they now bank online through their mobile (whether via browser or dedicated app) – and over a third (37 per cent) say they log in to their online accounts daily – according to research released by thinkmoney.

The findings highlight a number of fresh trends in consumer banking. It was perhaps to be expected that younger generations overwhelmingly bank via mobile phone; 69 per cent of 18-24s and 72 per cent of 25-34s said their mobile phone formed their primary contact with their account provider.

However, older generations appear to have embraced new technology too, with two-fifths (41 per cent) of 45-54s now banking via mobile.

According to the findings, it is only the over 55s who are yet to take to mobile banking, with just over one in five (21 per cent) saying they use their phones for banking.

The findings also suggest that the growth of mobile banking has led to customers accessing their bank accounts with increased frequency. For instance, 88 per cent of mobile banking users age 25-34 say that they login at least once a week. The chart below illustrates the rates of usage.

YMoney.mobilephone.17.2.15.indd

“Given that rate of uptake of mobile banking, it won’t be long before over half of current account customers are using their phone to keep up to date with their account, transfer money and pay bills via Faster Payments,” said Ian Williams, spokesperson for thinkmoney. “Not only does mobile banking allow customers to stay more on top of their finances – but it allows them to do so wherever and whenever they choose to.”

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