Contactless cards, payment by mobile and SMS balance alerts are just some of the mobile and Internet banking features that the British public is adopting in what is being dubbed a banking revolution.
Nearly £1 billion a day (US$1.7 billion) is being transacted via mobile and Internet banking in the UK, according to the British Banking Association's latest 'Way We Bank Now' report. New technology has given Brits the ability to take more control over how they manage and spend their money.
Consumers in the Bank of America Trends in Consumer Mobility Report said their smartphone was as important to them as their car and deodorant.
Mobile is so important to customers’ everyday lives that only the internet and personal hygiene were rated as more important by consumers surveyed in the newly released Bank of America Trends in Consumer Mobility Report. Mobile was rated as “very important” to everyday life by 91% of the 1300 consumers surveyed, tied with a car and deodorant for the most important item, and ahead of television (76%) and coffee (60%).
Mobile payments promise to revolutionize UK commerce. The UK is a sophisticated and enthusiastic consumer technology market, with smartphone adoption and mobile commerce activity both growing fast and surging ahead of other European territories, according to a new eMarketer report, “UK Mobile Payments 2014: A Market Stymied, Despite Potential.”