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Monitise's fourth ‘Mobile Money on the Move’ research report commissioned in association with the Future Foundation. The report, ‘Emerging Trends in Mobile Banking’, provides an overview of mobile banking in Britain in 2011. Among key findings:
- There has been a rapid growth in the adoption of banking by mobile phone in the last year: 9% of consumers now claim to use some form of mobile banking, compared to 4.3% in the autumn of 2008.
- The growth in smartphone adoption and innovation is one of several strategic factors that will result in the majority of Britons using mobile money within the next few years.
- The recession has boosted the use of the mobile phone as a means of banking – the immediacy and control it offers are important benefits at a time when consumers are more aware of their spending.
- While users of mobile phone banking interact with their bank more frequently than the general population, they are using their mobiles for an increasing proportion of those interactions - mainly at the expense of branch visits and call-centre banking.
- 70% of consumers who use mobile phone banking are interested in using their handset as a means of paying for goods and services.