Mobile banking on the rise
The results of recent research by Smart Money People into UK consumers’ banking preferences revealed an increasing preference for app-based banking over all other channels: online, in-branch and telephone banking. According to the report, in 2018 39% of respondents said apps were their go-to banking method, compared to 38.6% for online banking. The difference may seem subtle, but this is the first time ever that mobile banking has overtaken its online counterpart. As people’s lives have become increasingly fast-paced, mobile banking has become essential for many consumers.
The preference for using apps for banking is a trend across all age groups. This is, in part, a result of the rise of app-only challenger banks which are normalising mobile banking for consumers. In the end, it is all about customer needs and convenience. Over three-quarters (77.6%) of all banking customers prefer digital channels, and this number is only expected to rise. The challenge for FIs is ensuring both their mobile and internet banking offerings are user-friendly, meet the current requirements of consumers, and are flexible and future-proof; enabling them to adapt quickly to the changing needs of the market.