Data from the Internet Statistics Compendium has revealed that in the UK 57% of 25-34 year olds and 53% of 18-24 year olds say they have accessed banking on smartphone or tablet, either via app or mobile web.
The study demonstrates just how comfortable people are becoming with handling money online. Until fairly recently money matters were only dealt with in store or over the telephone with systems not being in place to allow people to use online banking and a lack of security trust from those users. As society becomes more cashless and prone to using other forms to pay such as Direct Debit, credit cards and even contactless payment technology, it seems as though as a nation the UK is becoming more and more relaxed and easy with electronic payments and online banking.
The Customer Loyalty in Retail Banking report looked at how customers interact with their bank on a global scale. The analysis found that digital options were favoured with mobile and tablet applications most likely to delight and least annoy users, even favoured more than traditional ways such as an ATM visit or going in-store. This goes to show how quick and easy finances can be tracked through smartphones or tablets and how users prefer this type of banking.
A spokesperson from SmartDebit commented on the findings, “Mobile banking has become a popular way to bank with many choosing it as the only way to handle their finances. This is due to the convenience of 24/7 banking, the speed of it and the ability to check finances on the go without having to visit a branch. It is also a sign that as a nation we are becoming ever more confident and familiar with cashless transactions, something that ten years ago we would not have imagined.”
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