Trend of Mobile Banking Apps will Acquire Europe by 2018

29 December 2014

San Diego: Mobile phones are briskly amending the way the users monitor accounts, pay bills and interact with their banks. Most of the high street giants are spending heavily on the development of new technologies which lets customers bank anywhere on the go. Experts say that the statistics itself speak on how customers rank mobile banking apps on their choice of banks. Approximately half of the adults in USA are managing their accounts online, according to a study.

Mobile banking system lets users carry out number of financial transactions through mobile devices like mobile phone or a tablet. According to a recent research made by Forrester, about 99 million customers in Europe are banking on mobiles, whereas 115 million people are using tablet devices. It is not just the number of users that’s growing but also the services being accessed.

Mobile banking apps gaining high popularity

With the growing popularity of mobile banking apps, people are completing their transactions with their mobile devices. They are heading from just checking their account balance, making bill payments and doing a lot more over mobile devices (like researching and applying for financial products). So, mobile banking apps are substituting other channels like branches and online banking.

Most of the banks surveyed by Forrester are offering basic services (checking balances or recent transactions). But the mobile banking apps are taking it a far ahead of that by adding on some functionality like providing access to wider range of accounts, mainly push alerts, credit cards and transaction histories.

Forrester also added that banks are utilizing mobile apps to reap the benefits of some hardware features of the phone like augmented reality, cameras and global positioning of system locators to render users with more functionality. It’s also been said that by the end of 2018, 42% of Europeans, 47% of North Americans and 6% of adults in Asia-Pacific region will own a tablet.

Few UK banks like Barclays and others are building some enhanced functionality for mobile services. It has launched a 24x7 video banking service which allows users to receive face-to-face services from anywhere. This video banking facility is available as an application for Android and iOS devices. However, the recent research made by CSC found that the usage of mobile banking apps has been exceeded over the expectations and the organizations are thinking to align IT resources to support customer channels.

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