Mobile banking will overtake online banking in terms of popularity, it has been predicted.
Datamonitor found that although the UK is currently lagging behind the rest of the world when it comes to mobile banking, once the technology is sufficiently developed it is likely to be used more widely than internet banking.
The report found that UK consumers do not currently have access to the advanced mobile banking services available in India, Russia and Asia and as a result do not value these services as highly. For example, 60 per cent of people in Brazil said they can see the importance of mobile banking technology, compared to just 16 per cent in the UK.
However, Datamonitor predicts that once technology in the UK is up to speed, the rate of adoption will be even higher than it was for online banking. It said a major reason for this would be mobile banking's convenience.
Through mobile banking services, customers can transfer money, set bill reminders and use various financial planning and money management tools. They can also set up alerts to remind them when they are approaching account limits.
