My branch has been turned into a trendy phone
Published: 8 December 2008 10:03 GMT
One million UK bank customers already use mobile phone banking, according to mobile cash company Monitise.
According to a report from Monitise and consumer forecasting consultants Future Foundation, 11 per cent of 35 to 44 year olds already use their mobile to manage their money, either by getting text updates or transferring money between their own accounts.
Monetise runs a mobile banking network of which HSBC, Lloyds TSB, First Direct, Alliance and Leicester, BoS and NatWest are all members.
Seventy per cent of the 1,000 respondents said they thought online or mobile phone banking would help them manage their money more efficiently while of those consumers that already use mobile banking, 50 per cent claim to be using their phone banking service more than they did last year.
The report predicts mobile banking is set to grow market share at a faster rate than either credit cards, ATMs and online banking at their birth.
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Agenda Setters 2009
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