Yet two-thirds of UK consumers manage their finances on their phones
One in 10 of the UK’s top financial services brands are yet to adopt a truly mobile responsive website, despite 67% of consumers managing their finances via their smartphones. That’s according to a new ‘Money on the Move’report from Episerver, the company transforming digital experiences, which examines the mobile strategies of the UK’s top 20 financial services brands.
The Episerver report reveals that in a survey of 1,000 UK consumers, 49% manage their finances via a smartphone every week. Women are more likely than men to manage their money via a smartphone, while men favour tablet computers. Age is also a factor in using mobile devices for financial matters, with 25 to 34 year olds being the most likely group to manage their finances in this way, closely followed by 16 to 24 year olds.
Around half of the UK’s leading financial services brands offer customers an Android app, while 55% offer an app for the iPhone. According to Episerver, however, this may not be a cause for concern.
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“It is a mistake to assume that developing a mobile app is the answer to an effective mobile strategy,” said Joey Moore, Director of Product Marketing at Episerver. “Apps require installation, take up valuable real estate on consumers’ devices and are only really relevant for brands looking to encourage regular repeat purchases. In the financial sector, progressive web apps and responsive sites may prove more effective.
“Smartphones and mobile applications are now a fundamental part of consumers’ day-to-day lives and this will extend to smartwatches and wearable tech. As a heavily regulated and security-conscious sector, financial services may be slower to adopt the latest technologies, but organisations run the risk of falling behind consumer expectations and demands when they don’t. Our research highlights the importance of supporting mobile devices if financial brands are to excel in the overall customer experience.”