Last April, comScore found that mobile banking had yet to catch on in the UK. Based on data released in March 2014 by the BBA (British Bankers’ Association), that trend is no more. In fact, BBA found that the average number of mobile banking transactions conducted weekly via mobile app more than doubled between 2012 and 2013, from 9.1 million to 18.6 million. The study looked at industrywide metrics for the five big banks in the UK (Barclays, HSBC, RBS, Lloyds Banking Group and Santander).
The report also noted that 12.4 million banking apps had been downloaded. Santander saw a 40% increase in weekly downloads of its app—and other banks predicted impressive growth for app usage this year as well. For example, the number of people using RBS and NatWest banking apps was expected to grow 33% in 2014 to hit 4 million.
A November 2013 study by PricewaterhouseCoopers found that weekly mobile banking usage in the UK was in line with most other countries studied. Fully 67% of mobile phone owners in the UK, the US and China said they conducted a bank transaction or paid a bill on their phones at least weekly.
BBA reported that banks were also using text messages to draw UK consumers to mobile banking and make the process easier, sending 457.7 million last year. Such communications could include balance update information or warnings about nearing borrowing limits.
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