The Bold War

One Direction

Mobile banking has finally arrived and it really is traveling in only one direction - up.  Let’s look at some of the key UK Mobile banking trends and forecasts for 2013. 

Impact on behaviour…

• Almost 200 million total logins a month will be conducted via Mobile banking
• The average Mobile banking user will log in over 20 times a month
• Over 15% of all active current account holders will use Mobile banking
• Payments made via Mobile Banking will represent over 15% of total online payments
• Inter-account transfers will represent over 20%.

Impact on desktop…

• Internet banking logins will continue to decline due to migration of activity to Mobile banking
• Mobile banking penetration of Internet banking registered customers will be between 30-40%
• Mobile only usage will grow – 10-20% of registered Mobile users will not access Internet banking anymore
• At some point in 2013 some banks will see more total logins from a Mobile device than a Desktop
• Tablets will continue their rapid rise by contributing over 15% all visits to bank sites.

Impact on ATM, Branch and Telephone banking…

• Mobile banking will see more customer interactions than Branch and Telephone banking combined
• Mobile growth will lead to a 25-35% reduction in ATM balance and mini-statement requests
• There will be limited migration from Branch and Telephone channels as Mobile users avoid these channels anyway
• Majority of Mobile banking user transactions in Branch will relate to large deposits of cash or cheques
• Telephone transactions in total will continue to decline by around 15-25%.

Impact on product applications…

• Over 15% of public website visits will come from a mobile
• Over 1 million product applications will be initiated on a mobile this year
• This  will represent over 25% of product applications
• Loans and credit cards will be especially popular – over 15% of total applications will be started on a mobile
• 1 in 10 people who switch banks will say a poor mobile experience prompted them to look around.

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