Britons tepid on mobile-only banking

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Around 63 per cent of British people are unlikely to use mobile-only banking, placing Britain among the top five in the world to show apprehension

Almost two-thirds of Britons are unlikely to try a bank that could only be accessed through smartphones preferring banks with physical presence, according to a study across 63 countries, taken by 30,000 people (500 Britons) by Nielsen.

Britain is joint fifth, sharing the position with the Netherlands in the list of countries that are less likely to use mobile-banking.

France takes top spot with 68 per cent of people less likely to use mobile-only banking. Following France is Belgium, Hungary and New Zealand.

Security concerns was the main reason why Britons were reluctant to try mobile-banking. Britons are also 50 per cent more likely than the global average, to prefer going into a branch. However 10 per cent of Britons said they are highly likely to use the service, which offers a potential 4.6 million customer base.

People in India are most likely to adopt mobile-only banking with 46 per cent stating so, followed by Indonesia at 37 per cent.

Nielsen Europe financial services leader Stuart Tagg 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.”

 

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