Monitise: mobile banking is the fastest developing industry

The mobile money specialists of Future Foundation, a consumer-forecasting consultancy and Monitise plc (Monitise) have found out that mobile banking is set at achieving the fastest rate of mass-market penetration, outpacing even credit cards, online banking, and ATMs. 

11% of 35-44 year olds are using their cell phones to manage their money. Almost half (49%) of those who have adopted mobile banking stated that they have used service more last year. 70% of the respondents said online or mobile banking helped them to run their budget more efficiently. 64% of consumers agreed (or strongly agreed) that it was important to be able to manage their money 24 hours a day, seven days a week. More than 70% of UK consumers are already offered a mobile banking by their current banks, and as the usage of this system is growing could be a clear sign that it is getting more popular. 

Alastair Lukies, Chief Executive Officer, Monitise said: " In much the same way that the UK public embraced the concept of the mobile phone itself, it's the evolutionary nature of the service that has generated such huge appeal on the high street."