News > FinTech

Londoners embrace mobile banking

By NexChange
FinTech

Evangelists for mobile banking often proselytize its potential in developing nations where under-banked populations can benefit from technology leapfrogging. But, countries where brick-and-mortar branches are long-established are also embracing the new faith.

According to research published on Tuesday by City law firm Pinsent Masons, 38% of Londoners would welcome the opportunity to use new mobile banking payment services and apps to manage their finances, reports FinBuzz.

In addition, 26% of them would consider banking with new tech-savvy lenders known as challenger banks, up five percentage points from last year.

New tech-focused mobile banks such as Atom Bank, Mondo and Tandem, which were given the green light by regulators last year, are hoping to capitalize on the potential shift in consumer habits. By moving all current account services on to apps, the new banks aim to fully realize the potential convenience of mobile banking while simultaneously doing away with the expense of maintaining a network of high street banks.

Starling Bank, a new British lender that applied for a banking license late last year, hopes to join them. It just announced the results of its latest funding round which includes a a $70 million investment from American investor Harald McPike.

Photo: George Rex

 

Subscribe to our Newsletter

Be one of the first to experience the future of financial services