Preview: Mobile Money

Banking services such as Atom, Mondo and Number26 enable customers to manage their accounts, complete transactions and learn about their spending habits using their mobile, a device that 41% of 18–24-year-olds already use to check their balances, according to Accenture.

Whereas big banks once dominated the high street with their physical presence, mobile banks are changing the role of local branches and with more intuitive, design-led interfaces, services such as Pocopay are helping people to budget their monthly spending.

Security will play a crucial role in the success or failure of mobile-first banks, which are using advances in biometric technology to their advantage. Durham’s Atom Bank uses a combination of facial recognition, passcode and voice recognition to protect its customers’ money.