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British give lukewarm reception to idea of mobile-only banking

Britons are among the least likely people in the world to want to try mobile-only banking, a global study suggests.

Nearly two-thirds (63%) of Britons were unlikely to try a bank which they could only access through an app on their smartphones rather than being able to go into a branch, according to the study across 63 countries by Nielsen.

This put Britain joint fifth, alongside the Netherlands, in the list of populations which are the least likely to use mobile-only banking.

People in France were the least likely to want to use a mobile-only bank, with 68% of people there being unlikely to use one.

Those in Belgium, Hungary and New Zealand were also less likely than those in Britain to want to use mobile-only banking.

People in India were the most likely to use mobile-only banks, with 46% of people questioned there saying they were highly likely to do so - compared with only about 10% in Britain.

However, this still gives mobile-only banks a potential customer base of nearly five million British adults, the report says.

Security concerns was the main reason Britons were reluctant to try mobile-only banking. Britons were also more likely than the global average to prefer going into a physical bank branch.

Stuart Tagg, Nielsen Europe's financial services leader, said: "The reality is that mobile-only banking is most likely to take off in developing countries where the majority of the population don't have bank accounts or easy access to physical branches.

"However, there's still a good opportunity in Britain, particularly if banks can overcome the general unease about sharing financial information digitally by convincing people that mobile banking is as secure as going into a branch. It's then that the sheer convenience of mobile banking could make many reconsider."

Some 30,000 people took place in the global study, including about 500 in Britain.

Press Association


From Belfast Telegraph