Business

Mobile banking in your palm

SMARTPHONES are changing the way people around the world are making payments, sending money to friends and family, managing their budgets and saving for the future.

According to recent research from the British Bankers' Association and EY, mobile and online banking transactions have now hit £1bn a day. The Way We Bank Now: It's in your hands report; revealed that digital transactions have grown to £6.4bn a week, up from £5.8bn last year. 15,000 banking apps are downloaded, on average, each day this year.

We now expect to make bank transactions as and when we need, whether that is when we wake up in the morning or before going to bed. According to the Mobile Money Landscape Report, 7.17am is the busiest time for mobile payments while 8.06am is the busiest time for app logins, so most people are now sorting their financial needs before

starting their working day. Mobile and online banking provides customers with a host of other benefits

including convenience, speed, keeping tabs on their balance and importantly the ability to check if they have sufficient funds to buy that must have item.

With the increasing trend in mobile and online banking, network providers are helping to provide access to these services thanks to increasing coverage and 4G speeds. EE has gone further by introducing Cash On Tap, an app that provides contactless payments via your smartphone which already works in a range of high street stores and outlets, including Cafe Nero, M&S and McDonald's.

The rapid growth of mobile and online banking means that fewer people are going into their local branch. With this change in banking, for both personal and business customers, banks will have to continue to offer customers innovative technology to keep current and win new business.

* Eric Carson is director of Rainbow Communications and can be contacted via www.rainbowcomms.com. Rainbow Communications can also be followed on Twitter - @Rainbow_Comms