£1 billion worth of transactions are made through internet and mobile banking each and every day, according to a 'Way We Bank Now' report by the BBA (British Banking Association) released this week.
The report, entitled 'It's in your hands', is filled with encouraging stats for those who believe the digital age is coming:
- 15,000 people downloading banking apps a day in the UK. More than 14.7 million banking apps for mobile and tablet have been downloaded, 2.3 million of those are since January
- £6.4 billion worth a week of internet and mobile transactions
- Contactless card spend expected to rise to £6.1 million
Mobile apps and internet banking have given consumers more control and options with their finances than ever before. Mobile apps in particular gives consumers the ability to manage their money and make payments right at their fingertips, regardless of where they are.
A Onescan payment in action
Chief Executive of the BBA, Anthony Browne, said:
"This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies.
"The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank.
"This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom. It’s a revolution putting more power in your hands."
"we want to put consumers' security back in their control, back in their pocket"
Here at Ensygnia, we are all for more power and choice to the consumer. We don't just want to put payments in their hands however, we also want to put consumers' security back in their control, back in their pocket. Ensygnia's Onescan is a secure platform to store your identity, including your payment details. Those details are then stored in our secure cloud based system and importantly no sensitive information is stored on your phone.
The Onescan mobile app then allows you to utilize that data to complete interactions without the need to share sensitive information. Payments can be made without having to share any of your payment details. Instead we verify and authenticate that a payment has been made through a token based system. This not only removes the hassle of regularly having to supply your payment details to various merchants, but also eliminates the security risks involved.
The report suggested that while mobile apps and payments were on the up, the majority of use was for balance checking and small payments. Consumers still preferred to make larger purchases on the internet at a PC, and brick and mortar banks and shops still dominated for the 'big moments' in life, such as loans and mortgages.
Clearly there is still some hesitancy using mobile solutions for banking and payments at the moment and perhaps this is rooted in uncertainty and fears in its security. That's why we believe a solution like ours, based on security and identity, could be the key to exploding the already growing market even further wide.
By Matthew Taylor 10th July 2014
This story around the web:
Britain embraces £1 billion-a-day digital banking "revolution" - BBA
Digital banking reaches £1bn a day, BBA says - BBC
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