Younger generation prefers mobile banking

Mobile phone applications (apps) that allow users to access their bank accounts and pay for goods are the next step in the personal finance technology revolution, the Mobile Data Association (MDA) claimed this week.

MDA chairperson Steve Reynolds said demand for mobile banking will be driven by the “younger generation”, who are more familiar with using their phone to make purchases.

“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?’,” he said.

Reynolds also said the popularity of Apple’s iPhone and its built-in App Store has enabled people to think of their phone as a purchasing tool.

“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,” he said.

“Mobile banking is about using that approach to buy physical things.

“We like this convenience and that is what mobile banking delivers.”

NatWest recently announced that it plans to make a free mobile banking app available in the iPhone App Store.

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