Welcome!

Mobile IoT Authors: Anders Påls, Scott Allen, Jason Bloomberg, Elizabeth White, Pat Romanski

News Feed Item

Mobile Banking in the UK: Sizing the Market Opportunity

NEW YORK, Jan. 17, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Mobile Banking in the UK: Sizing the Market Opportunity

http://www.reportlinker.com/p01082909/Mobile-Banking-in-the-UK-Sizing-th...

The rapid growth and development in mobile banking is arguably the most important service-related trend in retail financial services at present. Mobile offers providers a huge opportunity not only to improve the quality of their relationships with their customers, but to differentiate themselves from their competitors.Discover how big the mobile banking market in the UK is, and how much it will grow in 2013.Understand how the UK marketed is segmented with respect to users and non-users of mobile banking.Learn what strategies will provide most effective in increasing levels of acquisition, loyalty, and profitability for each segment.Nearly 10 million UK consumers currently use mobile banking, and this is expected to grow by nearly half by the end of 2013. The mobile channel will allow banks to develop deeper relationships with their customers. There will be a positive impact on customer acquisition and loyalty, as well as increase opportunities for revenue generation.Innovators, those who use mobile banking every day, are a profitable but demanding segment. They are the happiest to use paid-for services, but are least loyal of all consumers. Banks should promote the time-saving qualities of mobile, allowing loan and overdraft arrangement via this channel, and allow full customization of mobile services.Mainstreamers, non-users who are the most likely to take up mobile banking in the near future, are looking for simplicity and ease of use on mobile. They are the least likely to use one provider for all their products, so mobile can be used to provide integrated management of all holdings, increasing the incentive to keep to one provider.How many UK consumers currently use mobile banking, and how many will do so in 12 months' time?What strategies can your organization employ to maximize the potential of the mobile channel?How can you use mobile to improve acquisition and loyalty rates, and boost revenues and profits?

OVERVIEW

•Catalyst•Summary•Methodology

SIZING THE MARKET OPPORTUNITY

•Introducing the opportunity - What is mobile banking?- Datamonitor's mobile banking segmentation model explained- The popularity of smartphones has made mobile the fastest ever growing banking channel- Consumers increasingly view mobile as an essential channel- The provision of mobile banking services is rapidly advancing- A targeted mobile strategy can bring a number of key benefits to providers

•Mobile will encourage greater engagement between banks and their customers - Mobile banking will reach a wider audience than online banking

- Non-digital channels will be freed up for more value-added activities

- Banks will need to deal with fraud quickly and effectively to reduce brand damage

- Soft benefits to bank brands are real if less tangible benefits of mobile banking

•The shift to mobile will allow banks to cut their operating costs… - …but only to a certain extent- Mobile will allow consumers extra options for dealing with their providers- Banking apps can provide banks with concrete benefits at all stages of mobile evolution - Banks can directly track the return from a banking app on both sides of the balance sheet

•Mobile has become another differentiator between providers’ offerings - Mobile banking gives access to previously unreachable customers

- Time pressures on consumers increase the appeal of the mobile channel

- Mobile has the potential to overtake the online channel in banking

•Small screens create a new challenge for marketers, which must optimize content for this channel - Mobile allows consumers to react quickly- Mobile users are a captive audience- Location-sensitive information offers additional depth to the mobile channelMAXIMISING THE OPPORTUNITIES•The present state of the UK mobile banking market - 9.6 million UK consumers currently use mobile banking- The UK mobile banking market is expected to grow by 47% in 2013- Security fears are the number one priority for banks to address- Providers must educate consumers on the role that mobile banking can play

•Current shape of the UK market - The UK mobile banking market at a glance

- NatWest customers are currently the biggest users of mobile banking in the UK

- Most UK providers now offer basic mobile banking functionality across a range of access methods

•Providers must employ distinct mobile strategies for each segment - Summary of key mobile strategies for each consumer segment

•Innovators are a profitable but demanding sector of the market - Innovators: key findings and recommendations

•Innovators will be attracted by flexibility and information provision within mobile - Publicizing the scope for the greater individualism afforded by mobile will attract this segment- Providers can use mobile to inform innovators about investment and pension products- Mobile is an ideal channel for distributing loan products to innovators

•Innovators are a valuable source of revenue for providers - Innovators are very willing to pay for enhanced banking services

- Innovators will appreciate being able to manage their overdrafts by mobile

- Innovators are less loyal but more profitable than other consumers

•Innovators are looking for time-saving and ground-breaking products - Providers must stress the time-saving advantages of mobile to innovators- Providers have to keep updating and modernizing their products and services to retain innovators

•Early adopters offer clear opportunities for revenue generation - Early adopters: key findings and recommendations

•Early adopters seek comprehensive servicing via mobile - Early adopters want products and services that adapt to their needs- Early adopters will be receptive to mortgage servicing via mobile

•Early adopters are both loyal and profitable - This segment is also capable of generating strong revenues based on sales of paid-for services

- Early adopters will benefit from being able to view and manage all their products via mobile

•Early adopters want access to sufficient information to make their own decisions - Banks should increase the provision of information and advice through their mobile channels- Early adopters are keen on customization and innovation in product offerings

•Mainstreamers need just a little more persuasion to adopt mobile - Mainstreamers: key findings and recommendations

•Mainstreamers will appreciate access to advice and planning services - Banks can promote their financial planning capabilities via mobile to these consumers

•Mainstreamers can become a more profitable segment through the use of mobile - Comprehensive mobile provision could increase mainstreamers' propensity to pay for services

- Providers can use mobile to increase the number of products that mainstreamers hold with them

•Mainstreamers will value simplicity of use as the most important mobile attribute - Mainstreamers want to go mobile- Mainstream consumers are looking for basic but effective mobile provision

•Laggards and refuseniks can be won over to mobile by focusing on ease of use - Laggards and refuseniks: key findings and recommendations

•Laggards and refuseniks are limited by their willingness to accept new technologies - These segments are profitable to banks on the basis of their existing wealth- Providers can form partnerships with telecoms providers to subsidize smartphone ownership

•Laggards and refuseniks need significant incentives to be persuaded to engage - Mobile can be used to promote strong relationships with these consumers

•Mobile has to be marketed to these segments on the basis of ease of use above all other factors•Staying ahead of the mobile game - Out-of-the-ordinary features will add immense value to the mobile channel- Banks need to offer more than one app to cover the variety of services that can be provided via mobile- Innovators and early adopters are looking for maximum flexibility and sophistication in mobile provision- Mainstream consumers desire solutions that maximize convenience- Laggards can be persuaded to adopt mobile by focusing on simplicity

APPENDIX

•Definitions - App- Personal finance management- Remote deposit capture- Smartphone

•Income band definitions from dashboard

•Methodology - Overall methodology

- Financial Services Consumer Insight Survey

•Sources•Further reading•Ask the analyst•Disclaimer

TABLES

•Table: Income bands included in the Mobile Banking dashboard

FIGURES

•Figure: Datamonitor's segmentation of the mobile banking market•Figure: The use of mobile varies considerably on a global basis•Figure: Consumers have rapidly taken to the latest mobile communications devices•Figure: Smartphone ownership in the UK has risen nearly fourfold since the start of 2010•Figure: By 2015, consumers will conduct most day-to-day banking activities via mobile devices•Figure: Migration to mobile channels offers huge opportunities for reducing operating costs•Figure: Daily users of mobile banking in the UK are the most frequent users of all other channels•Figure: Mobile banking evolves in three different stages, each bringing additional benefits•Figure: Mobile banking offers far more on the revenue-generating side of the business than the cost minimizing side•Figure: There are 9.6 million mobile bankers in the UK•Figure: Summary of mobile banking demographics in the UK•Figure: NatWest is the most successful UK bank in promoting mobile banking at present•Figure: Virtually all UK banks now offer basic functionality across a range of access methods•Figure: Summary of strategies for promoting mobile banking to each segment•Figure: Innovators are youthful high earners•Figure: Services that will only be used occasionally have the greatest potential to improve the banking relationship

Companies mentioned

CMS Energy Corporation, General Mills, Inc., Hutchison 3G UK Limited, Ipsos SA, Royal Bank of Scotland Group PLC, Shanks Group plc

To order this report:Online_Banking Industry: Mobile Banking in the UK: Sizing the Market Opportunity

Nicolas Bombourg

Reportlinker

Email: [email protected]

US: (805)652-2626

Intl: +1 805-652-2626

SOURCE Reportlinker

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...