Mobile phones 'to see more banking custom'

17 February 2010 — 7:25 PM

Do you bank while on the move?

Mobile phones are predicted to become increasingly relevant in the field of consumer banking in the years to come as the ways of accessing accounts become more numerous.

ABI Research notes the effect that online banking has had in actually inhibiting the growth of mobile banking in developed countries.

Both the European and US markets have seen mobile banking hampered by the fact that many potential users already have high-speed internet connections and find the internet meets their needs for access to their account.

However, with banks doing more to offer access on the move - such as through text-message banking services - the time could be right to recycle mobile phones and get a new handset that supports mobile banking.

"The global number of subscribers more than doubled between 2008 and 2009, and is expected to almost double again in 2010," says senior analyst Mark Beccue.

In the UK, people looking to recycle mobile phones in order to add to the mobile banking subscriber base were recently given a new way to do so as NatWest launched an app for iPhone users to access their accounts through their handset.

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