Banks have not kept up with consumer demand for enhanced smartphone apps and capabilities, even though smartphones are considered to be the most engaging opportunity within the payment space, according to research (view press release). The Mobile Payments Report conducted by the Auriemma Consulting Group (ACG) indicated that although 51.6% of UK consumers currently own a smartphone, they primarily use desktops and laptops to access financial information. Because of the limited capabilities available on smartphones, 65% of desktop owners compared to 23% of smartphones owners use their device to access their financial services account.
“Given the continued growth forecasted and high consumer usage and engagement with smartphones, the research clearly shows that there are gaps in smartphone banking capabilities,” said Mark Jackson, Director at ACG. “Improving smartphone offerings has become necessary for issuers to stay on-par with the competition, and maintain consumer loyalty and engagement over upcoming years. Particularly as the payments industry delivers on consumer demand for mobile payments.”