A 'quiet revolution' in personal finance is seeing people across the UK turn to their mobile phone to manage their money, driven by the rise of smartphone apps.
More than 3 million Britons now manage their money on their mobile phone - with the 'anytime, anywhere' convenience of the latest secure mobile technology encouraging some people to check their bank balance every two days via their mobile.
This means that the mobile is now the most frequent interaction banks have with some of their customers as they develop services which reflect people's busy lives on the move.
New research compiled by Monitise, the UK leader in mobile money solutions, reveals that mobile banking users with smartphones check their accounts on average 16-18 times a month - compared to an average of six times a month for online banking and less than once a month via a call centre.
The comparisons are drawn from the latest available statistics from the British Bankers' Association1, the leading UK banking and financial services trade body, and Monitise's own database of smartphone requests.
They expose a new trend in how the UK chooses to bank, with a pronounced shift towards mobile banking driven by slicker, even easier to use smartphone financial management apps.
Bank Account Average Monthly Average Yearly
Access Channel Frequency Frequency
Call Centre 0.7 8
Online 6 72
Smartphone 16-18 216
Source: Call centre and online figures drawn from British Bankers' Association - Abstract of Banking Statistics 2009. Smartphone figures from Monitise.
Alastair Lukies, chief executive officer of Monitise, said: "There's a revolution taking place as people get turned on to mobile banking - valuing the 'anytime, anywhere' control it gives them over their money, as banks increase the range of services available.
"The latest apps and software give people instant, secure access to their money enabling them to pay bills and send money to friends and family with a few clicks of a keypad."
Barry Clark of think tank The Future Foundation, which has conducted extensive research into mobile banking trends, added: "Mobile banking is not the banking of the future - it is clearly the banking of the present.
"As people appreciate that banking by mobile phone is simple, swift, secure and accessible anywhere, they are choosing to use their mobile more often to manage their finances and engage with their bank."
Monitise is a world leader in mobile financial transactions. It handles over 100 million enquiries and transactions a year, on over 2,700 different types of mobile handset for customers worldwide.
Its Mobile Money Manager technology platform enables banks to equip their customers to check their bank balances, read mini-statements, transfer money and set up and receive SMS alerts safely and easily anywhere in the world.
As well as operating in the UK and USA, Monitise has a joint venture to develop mobile banking, payment and related services in the Asia Pacific region, and a strategic partnership with Visa to develop their mobile capabilities globally.
Monitise is also working with businesses such as Travelex to help people manage their pre-paid cards.
In July this year, in Mumbai, the UK Chancellor of the Exchequer, George Osborne, inaugurated a new joint venture between Monitise and Visa to deliver mobile banking services in India.
Case Study:
Emily Holligan, a backing and session singer, spends a lot of time touring with bands and artists and uses her iPhone app to keep on top of her finances.
Her work means her income changes from month to month and she has no specific pay days - making the ability to check her bank balance by mobile phone very important.
The 24-year-old from Wandsworth, South London, uses her smartphone app to monitor her current and savings account balances most mornings, looks at mini statements, and also receives text alerts if her balance goes above or below a certain amount.
Emily said: "I'm often touring with work and it's very handy to be able to manage my money on the move.
"Using my iPhone app is faster and easier than logging on to internet banking, but the real bonus is the accessibility anytime, anywhere and the peace of mind of being in control of my finances.
"It's always reassuring to see that payments have arrived in my account and are ready to spend."
Notes to Editors
1. British Bankers' Association - Abstract of Banking Statistics 2009