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BizReport : Mobile Marketing : May 12, 2016

Mobile banking users in UK overwhelmingly happy with service

New data from Juniper Research reveals that mobile bankers in the UK and US are, on the whole, happy with the service they are getting from their banks. However, the data also serves as a warning to banks that bad banking experiences on mobile will see customers defect.

by Helen Leggatt

According to Juniper's research, 70% of people in the UK now use mobile banking services. Almost all (98%) mobile banking users in the UK said they are "very" or "quite" happy with the service they are receiving.

However, banks are walking a tightrope. With mobile banking access now perceived as a "key pillar" of a bank's offering, a third (31%) of customers would consider moving their account to another bank if they had a bad experience.

However, the research also revealed that trust issues still remain that are proving to be barriers to mobile banking adoption, as well as continuing preferences for other banking channels such as in-branch. According to Juniper, "the trust issue would need to be addressed, particularly amongst older consumers where there was a greater prevalence of non-users".

In a report released late last year, Juniper forecast that the global mobile banking user base would reach 2 billion by 2020, double the forecast for this year. That's 37% of the global adult population.
The report, 'Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020', acknowledges that while most consumers in developed markets prefer digital banking and virtual channels, a significant proportion continue to favor face-to-face transactions in-branch compared to audio or video communication with a contact center.

Tags: banking, finance, mobile, research, UK

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