UK consumers ready to switch banks for better m-payments services - report

Monday 29 December 2014 09:51 CET | News

Seven million Brits are planning to switch retail banks in 2015 to access better mobile payments services, a recent report reveals.

According to a recent research carried out by Atomik Research, the figures above, combined with a system introduced in 2013 to make it easier to switch bank accounts, are a warning to banks that are not investing in digital technology.

Research from Vocalink’s mobile banking subsidiary, Zapp, has revealed that 21 million British people would change banks to access mobile payments, with 33% of these planning it over 2015, the report unveils.

The research also shows that 44% of consumers plan to switch accounts if their current bank has no plans to provide mobile payments.

Mobile payments are increasing in volumes and values, and 47% of consumers said they will actively choose to shop online or in-store with a retailer because it accepts mobile payments, according to the Zapp research.

The report also points out that one in five people surveyed even said they would buy a house using a mobile payment within five years.

Finally, the study adds that in 2013 the Payments Council introduced a system that reduced the time taken to switch bank accounts from 30 days to seven days. While this in itself does not drive people to change, it does increase the likelihood of a customer switching should they be attracted by the offerings of another bank, such as mobile services.

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Keywords: UK, consumers, Switch, banks, m-payments, services, report, mobile payments, mobile, payments , Brits, Atomik Research, accounts, Zapp
Categories: Banking & Fintech
Countries: World
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