Several things are standing in the way of advanced adoption. “There is still far too much friction around the mobile aspects of banking,” said Ryan Farley, CEO of mobile payments provider Judopay. “The number of steps a user has to input to get a banking app set up in the first place is simply too many with most banks, as well as the authentication many of these apps require users to enter before they can do anything on their mobile.”
On top of that, trust plays a major role in consumers’ reticence to bank via mobile. In fact, nearly two-thirds of UK internet users polled by ING in February 2017 indicated that trust in security was the main sticking point.
These insights are drawn from eMarketer's latest report, "UK Digital Banking and Payments: Mobile Money Management Lags Other Digital Behaviors." The report examines uptake and usage of digital banking and payment services in the UK.
eMarketer PRO subscribers can access the full report here. Nonsubscribers can learn more here.