United Kingdom Internet, Mobile & Telephone Banking Report 2015

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Jun 11, 2015, 11:36 ET

DUBLIN, June 10, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/4mhvkh/internet_mobile) has announced the addition of the "Internet, Mobile & Telephone Banking 2015" report to their offering.

Technology has revolutionised the way in which consumers bank. A number of key changes have occurred because of the shift in the way consumers are banking: branches are now used less than they were 5 years ago, while managing money over the Internet has increased over the same period. This, along with cost-cutting measures, has been a major driving factor behind the closure of bank branches seen on UK high streets over the past 2 years.

The advance of the smartphone since the introduction of Apple's iPhone in 2007 has been phenomenal; they have become almost ubiquitous among the younger generations. This, coupled with the roll-out of third- and fourth-generation (3G and 4G) technology, has provided consumers with access to ever speedier Internet on a device that fits in their pockets.

Consumers can now bank on the move, whether this be via an app for a mobile device or through a mobile version of a personal banking institution's website. Today, banking on mobile phones and tablets is the fastest-growing sector and the one undergoing the most innovation; telephone banking transactions have stagnated or fallen in recent years as more consumers opt to manage their money online or on mobile phones at times that suit them, which may be outside call centre hours.

This report does not cover e-commerce or the buying of goods/services online; automated teller machines (ATMs); or the use of electronic payment methods, such as credit and debit cards.

The report focuses on the ways consumers manage their money without visiting a branch, namely by:

- Accessing personal banking information and services via computers and managing money using it
- Accessing personal banking information and services via mobile telephones and other portable devices, such as tablets (hereafter referred to as mobile banking)
- Using the telephone to access banking information and services, whether this be through direct contact with call centre staff or through automated systems

This report includes data on both banks and building societies. In many cases, banks are better resourced (or better able to raise capital from funding other than consumer deposits) than building societies and are thus further ahead of the curve in terms of the adoption of Internet, mobile and telephone banking. This is because of the costs involved in developing the IT and associated infrastructure. However, most of the largest building societies have extensive online, mobile and telephone banking offerings, just as banks do; it is smaller societies that are less likely to have such extensive systems in place.

Companies Mentioned

- Barclays PLC
- Coventry Building Society
- HSBC Bank PLC
- Lloyds Banking Group PLC
- Marks & Spencer Financial Services PLC
- Metro Bank PLC
- Nationwide Building Society
- Sainsbury's Bank PLC
- Santander UK PLC
- TSB Banking Group PLC
- Tesco Personal Finance PLC
- The Co-operative Bank PLC
- The Royal Bank of Scotland Group PLC
- Virgin Money PLC

For more information visit http://www.researchandmarkets.com/research/4mhvkh/internet_mobile