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Antenna: 1 in 4 mobile web users in UK use mobile banking
New research from mobile web and app specialists Antenna reveals that mobile banking is on the increase in the UK. Today, more and more mobile users are accessing the mobile Internet to check bank balances and review transactions.
Approximately 25% of mobile Internet users in the UK now use mobile banking. Antenna's research revealed that it is the younger demographics driving the adoption of mobile banking in the UK; 30% of 18-24 year old and 33% of 25-34 year old mobile Internet users compared to 13% of over 55s.
Across the pond in the US the market is ahead of the UK. There, 40% of those who use the Internet via a mobile device are now using mobile banking services.
"Mobile banking has now taken hold," said Antenna Chief Executive Jim Hemmer.
"People want to take care of their banking when it makes sense to them and not when a branch is open. So banks have to rethink their model. There is not as much brand loyalty as there used to be and so they really have to think about the service they offer."
Earlier this year a study by global strategy and marketing consultancy Simon-Kucher & Partners revealed that over three-quarters of British Gen Y consumers, one of the demographics identified by Antenna as driving growth in the sector, would consider paying for mobile banking services.
This demographic, which equates to 12% of the population, said they would be willing to pay a little over $8 a month for the convenience of mobile banking.
What do they want for that fee? The majority (81%) cite straightforward flat 'informational services' as the most important feature of mobile banking followed by transactional (69%) and interactive (53%) features. Respondents said flexibility, time savings and accessibility were the perceived main benefits of using mobile banking.
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