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Banking by app to overtake online banking by 2019 - Martin - 05-21-2018

Quote:More consumers will use apps on their smartphone than a computer to do their banking by as early as next year, according to forecasts.
Last year, 22 million people managed their current account on their phone, industry analyst CACI said.
It has predicted that 35 million people - or 72% of the UK adult population - will bank via a phone app by 2023.
By then, customers would typically visit a branch only twice a year, it said.
Source
The inevitable death of the high street bank looms closer. I have seen so many branches near me close recently and it is becoming a pain to do the things that I cannot do on online or app banking. However I'm not surprised app banking will overtake online banking as the apps in general are a lot more simple and convenient than the online sites and have had a lot of development put into them.


RE: Banking by app to overtake online banking by 2019 - kingcool52 - 05-27-2018

It's not surprising really but I don't think it will be as fast as 2019. I still feel that people will sometimes be reluctant to use mobile banking yet because of fears over the security of it. I think it took a while for online banking to get popular and it will be the same for mobile banking. It may be a few more years before we see a huge increase in popularity of mobile banking.


RE: Banking by app to overtake online banking by 2019 - Mozzie - 05-28-2018

It isn't secure, i don't care what the banks say, apps are easily intercepted when on a phone, i won't be using a mobile to do my banking.


RE: Banking by app to overtake online banking by 2019 - NoviceNinja - 05-28-2018

(05-27-2018, 05:36 PM)kingcool52 Wrote: It's not surprising really but I don't think it will be as fast as 2019. I still feel that people will sometimes be reluctant to use mobile banking yet because of fears over the security of it. I think it took a while for online banking to get popular and it will be the same for mobile banking. It may be a few more years before we see a huge increase in popularity of mobile banking.

I agree I think 2019 is so soon for mobile banking apps to be that popular and take over traditional online banking methods. But here in our country, 2 of the biggest telecoms are offering mobile banking platforms which are like mobile wallets that can be loaded through different channelsĀ and launched a massive, and I mean HUGE marketing campaigns to promote them.

There is still a high risk when it comes to mobile banking apps though, security over these apps should be strict as to not hinder potential customers from using it. One other thing that can be an issue is privacy, like how can a provider ensure their customer base that their information would not leak into the wrong hands and compromise their spending habits.

I use a service myself, and so far I like it. Hope it stays that way for many more years to come.