Preview: Mobile Money

25 : 04 : 2016 Banking : Mobile : Convenience

Europe – Our latest microtrend examines how new mobile banking services are changing the way people manage their money.

  • Mobile banking services are offering cnsumers convenience and user-friendliness
  • Banks are being forced to re-assess the role of their branches as people no longer need them in the same way
Atom Bank, Durham Atom Bank, Durham
Pokopay by AKU, Estonia Pokopay by AKU, Estonia
Pokopay by AKU, Estonia Pokopay by AKU, Estonia
Mondo App, London Mondo App, London

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.

The Big Picture

Find out more about how digital-first banking services are spelling the end of retail banking as we know it in our Mobile Money mictotrend.