Mobile banking is slowly but surely gathering pace in most European countries, according to a new report from research firm Forrester that is published today.
Latest figures show that 20% of European consumers use such services provided by their banks, with SMS alerts still dominant as a form of mobile banking. However, the use of apps is increasing, making it a fast-growing trend in most countries.
Consumers rely on mobile banking for a number of services, most often to check their balance, to transfer cash between their accounts and to check whether transactions have been successful. More than one in three consumers who have a mobile banking app use it to transfer money between accounts and nearly a quarter of them have sent cash to their family or friends.
The overall proportion of consumers who use such apps at present reaches 5%, the report finds. Mobile banking apps are most common in Sweden and France, with 14% and 8% respectively using them, whereas UK consumers lag behind, with adoption at a modest 2%, mainly due to banks failing to provide apps.
According to Benjamin Ensor, author of the research report, mobile banking is the most important development in banking for many decades. Increasing adoption of the new banking channel is likely to cause a major shift in the banking industry, Forrester notes. Banks will have to implement new strategies to ensure convenient transactions, while maintaining security at the highest possible level.