By as early as next year more consumers will use apps on their smartphone than a computer to do their banking, according to forecasts.

It has also been predicted that 35 million people - or 72% of the UK adult population - will bank via a phone app by 2023.

Ian Bradbury, CTO Financial Services at Fujitsu comments: “This is a tipping point for the industry. Mobile is rapidly becoming the channel of choice, and it’s no surprise – it’s easy to use,  with an emphasis on customer experience and convenience, and it’s with consumers wherever they go.

“However, the migration of banking onto mobile phones will certainly put more pressure on banks to up their security - more frequent mobile banking use, with devices which can be easily lost or stolen, means criminals can potentially do more damage to more people.  This is where we will increasingly see banks use higher-grade biometric based solutions to secure banking apps and transactions, which phones are now beginning to incorporate.

“The experience customers have with their mobile banking app will also be crucial in retaining and attracting customers. With many organisations outside Banking setting a high standard of what good customer experience for mobile apps looks like, banks will have to bear in mind that a smooth customer journey for their app can be the next ‘make or break’ element.

“Looking forward, we can expect to see more and more use of voice to control Banking Apps, enabled by the use of AI enabled robotic assistants.  Once again, it will be the customer experience that will be key in supporting the uptake of this channel.”

(Source: Fujitsu)