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Mobile banking to be more popular than online banking, suggests study

Mon, 21 Feb 2011

Research conducted by business information group Datamonitor has predicted that mobile banking is due to become more popular than online banking in the UK.

Despite mobile banking in this country not enjoying the same level of take up as in other parts of the world, the study has revealed that this is more due to technological reasons, and once these have been ironed out, it will overtake internet banking in terms of general use.

The report identified a gap in advanced mobile banking services available in this country, with the technology already available in places such as Russia, India and parts of Asia. People in Brazil, for example, value the benefits of mobile banking more than us, with 60 per cent of Brazilian appreciating the importance of the technology, as compared to only 16 per cent of people in the UK.

Once the technology here is more convincing, it is expected that the rate of adoption will be even faster than that of online banking when it was introduced, mostly due to its convenience.

Mobile banking allows users to transfer money, receive alerts about account limits, put in place reminders about bills and have access to a range of financial planning and money management tools.
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