Mo­bile makeover for Bri­tain's scan­dal hit banks

The Pak Banker - - COMPANIES/BOSS -

With rep­u­ta­tions tar­nished by the fi­nan­cial cri­sis and a string of scan­dals, Bri­tain's top banks are try­ing to adapt and move ahead by em­brac­ing mo­bile tech­nol­ogy.

Four years ago, Lloyds Bank­ing Group did not have a sin­gle cus­tomer ac­cess­ing ser­vices via a smart­phone, but to­day there are five mil­lion us­ing such apps - and count­ing.

"This pro­vides huge op­por­tu­ni­ties for how we serve our cus­tomers," said Nick Wil­liams, con­sumer dig­i­tal di­rec­tor at Lloyds.

The trend is echoed across the in­dus­try. In 2015, Bri­tain's bank­ing in­dus­try body BBA ex­pects 427 mil­lion branch trans­ac­tions for the whole sec­tor, com­pared to 895 mil­lion trans­ac­tions on mo­bile phones.

Bri­tish con­sumers are now among the top users of bank­ing smart­phone ap­pli­ca­tions in de­vel­oped na­tions.

"UK con­sumers were rel­a­tively slow in their adop­tion of online bank­ing but have em­braced mo­bile bank­ing thanks to the ease and con­ve­nience of man­ag­ing your money on the move," said Philip Ben­ton, an an­a­lyst at Euromon­i­tor In­ter­na­tional.

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