Mobile banking in the UK: sizing the market opportunity

Mobilebanking

Offering insight in UK market

The rapid growth and development in mobile banking is arguably the most important service-related trend in retail financial services at present. Mobile offers providers a huge opportunity not only to improve the quality of their relationships with their customers, but to differentiate themselves from their competitors Discover how big the mobile banking market in the UK is, and how much it will grow in 2013.Understand how the UK marketed is segmented with respect to users and non-users of mobile banking.

Learn what strategies will provide most effective in increasing levels of acquisition, loyalty, and profitability for each segment. Nearly 10 million UK consumers currently use mobile banking, and this is expected to grow by nearly half by the end of 2013.

The mobile channel will allow banks to develop deeper relationships with their customers. There will be a positive impact on customer acquisition and loyalty, as well as increase opportunities for revenue generation. Innovators, those who use mobile banking every day, are a profitable but demanding segment. They are the happiest to use paid-for services, but are least loyal of all consumers. Banks should promote the time-saving qualities of mobile, allowing loan and overdraft arrangement via this channel, and allow full customization of mobile services. Mainstreamers, non-users who are the most likely to take up mobile banking in the near future, are looking for simplicity and ease of use on mobile.

They are the least likely to use one provider for all their products, so mobile can be used to provide integrated management of all holdings, increasing the incentive to keep to one provider. How many UK consumers currently use mobile banking, and how many will do so in 12 months’ time? What strategies can your organization employ to maximize the potential of the mobile channel? How can you use mobile to improve acquisition and loyalty rates, and boost revenues and profits? The report is available here.