The British Bankers’ Association (BBA) has urged the government and banking sector to invest in 4G and broadband, claiming that a ‘revolution is sweeping through banking’.
According to the BBA, mobile phone apps are paving the way for the banking sector, as customers opt for mobile banking over going into a branch. The UK’s banking trade body has found that smartphone and tablets are now the most popular to manage finances and has called for the government to invest more in mobile technology.
Anthony Browne, Chief Executive of the BBA, explained that more investment into 4G technology is needed and that the popularity of mobile banking shows that it will be a ‘real game changer’ for the public.
He said: ‘Technology is changing our lives and banking is no different – the rapid take up of apps and mobile banking appears to be a real game changer for the British public. It is vital that the government invests more in 4G and high-speed broadband to ensure that as many people as possible can be included in the revolution that is sweeping through banking.’
David Ebstein, head of digital for financial services at EY, believes that those that fail adopt mobile technology will get left behind in the competitive banking sector as customers move towards mobile centric banks.
He said: ‘The British public is voting with its thumbs. Being mobile-enabled is a must, not a maybe, and banks that don’t engage properly with mobile channels risk losing relevance in customer’s lives. The next frontier of innovation will be delivering an exceptional customer experience through mobile, across products and services, and going beyond banking.
‘The mass migration to mobile banking is an opportunity for banks to better engage with customers and regain trust customer by customer. Competition is intensifying, and successfully joining the dots between mobile, internet and branch banking could make the difference between winning and losing customers.’