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Mobile bankers feel more in control of their money
Young European Internet users are increasingly turning to mobile devices to conduct financial transactions, according to a new study released by ING International, although technology won't be replacing cash any time soon.
The survey of almost 12,000 consumers across 12 European countries found that over a third (37%) of Internet users already use a mobile device for banking purposes.
"Financial Empowerment in the Digital Age" also reveals, somewhat expectedly, that it is the younger generation who are taking to mobile banking in greater numbers. Among 25 to 34 year olds, half now use mobile banking.
Turkey is the country in which mobile banking is most-used, by 49% of Internet users overall, followed by Spain and the Netherlands both with 44%. The UK is in eighth place with 35% and Romania in last place with just 23%.
Those who are regular users of social media were found to be more likely to use a mobile device for banking and a third of all respondents believe banks should make it possible for banking to be done via social media, with users in Italy and Spain the most enthusiastic.
"People who use mobile banking feel more in control of their money. Most of them say they pay their bills on time more often and are overdrawn less often," says Ian Bright, ING senior economist. "This is perhaps because 84% of mobile bankers check their balances more regularly since using mobile banking."
However, cold hard cash won't be completely replaced by technology any time soon. The survey found that half of European consumers prefer to use cash when shopping because "it is easier to see when they are spending too much". This rises to 61% in Spain where it is popular among under 25s, too, with 64% agreeing.
Image via Shutterstock
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