Welcome!

Mobile IoT Authors: Scott Allen, Anders Wallgren, Elizabeth White, Nate Vickery, 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
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today TechTarget has been named “Media 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. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, will discuss how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outer...