Mobile Banking Is The Way Forward

Mobile banking should be the next big innovation in technology, one expert has claimed, but in order to do so it is going to need to be simple.

According to a leading association dealing with mobile data, paying for goods with a credit card linked up to a mobile phone has to be as easy as buying an application for an iPhone for it to take off in a big way.

The chairman of the association said that thanks to how far mobile phones have come over the past decade it is now a reality that such a system could be implemented.

It followed the decision by a leading high street bank to launch a free mobile banking app for the iPhone that customers can use to check their account balances and recent transactions.

A representative of the bank explained: "If you want to buy an app with your phone you can, all you have to do is find the app you want, click on it and tap in a password, and mobile banking is about using that approach instead of internet banking to buy physical things because we like this convenience and that is what mobile banking delivers."

YouGov recently revealed that research has found that consumers are interested in more sophisticated mobile banking facilities.

A quarter wanted to know about money transfers between bank accounts, the same amount were interested in receiving fraud alerts and 24 per cent said they would like to pay in cheques without visiting a branch.

The high street bank has confirmed it is now exploring more initiatives to integrate its banking facilities, such as credit card products, with mobile devices.

The bank’s representative predicted that mobile phones in the future will be used for much more than communicating with other people or surfing the internet.

He said: "If you look at the younger generation who have been brought up with the internet they will say 'If I can buy apps with my phone, why can't I buy a coffee or a gig ticket?' and they will drive the market."

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