M-banking network Monilink sees surge in account enquires as crunch bites

11 November 2008 | 5806 views | 0 D600 mobile

Monilink, the UK mobile banking network launched by Morse spin-off Monitise and VocaLink, says it processed over one million account enquiries in October as customers feeling the economic downturn keep a watchful eye on their money.

The figure - an increase of 15% over the previous month - shows people are looking for an 'always on' monitor for their money, claims the network.

John Milliken, MD, Monilink, says: "As people tighten their belts, more and more of us are looking for a way to keep a daily check on our money."

Monilink was set up to provide a single consistent interface through which UK consumers could access bank accounts and perform transactions using their mobile handsets.

The system is currently used by customers of Lloyds TSB, NatWest, HSBC, Royal Bank of Scotland, Alliance & Leicester, first direct and Ulster Bank.

Milliken says the surge in uptake is "a sign of how people create successful banking services, by looking for better money management tools in turbulent economic times - much the same as Internet banking had a major increase in interest during 2001 - 2002. Mobile phones, which are today carried by almost every adult in the UK, are the obvious answer in today's climate."

A study earlier this year from Celent predicted adoption of mobile banking is set to increase rapidly in the UK and other major markets in Western Europe over the next two years. According to the study, by 2010 m-banking adoption rates will rise to 25% in the UK, France, Italy and Spain.