The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to research.
A survey of 2,000 UK adults, commissioned by financial technology solutions firm Fiserv, leads to forecasts that £3.4 billion a week will be transferred via mobile banking apps by 2020. Another £9.4 billion a week will be transferred via online banking by 2020, totalling £12.8 billion a week.
Currently, just over a third (34 percent) of UK adults are estimated to be banking on their mobile. With the increasingly widespread ownership of smartphones and a growing appetite amongst UK adults to access their finances on-the-go, this figure is expected to almost double to 60 percent by 2020.
This projected increase of 14.8 million more mobile banking users over the next half-decade “represents a significant opportunity” for challenger banks to bring innovative business models to the market, and for existing banks to add digital services to cater for this future majority, said Fiserv.
“Capabilities like mobile alerts, instant payments and location-based services, coupled with data analytics used with customers’ permission, offer a significant advantage for banks if used effectively,” Fiserv added.
UK online banking use is projected to rise significantly by the end of the decade, from 53 percent of Brits in 2014 to 66 percent by 2020.