Isle of Man Bank and NatWest are experiencing massive growth in the use of mobile banking, reflecting a similar trend reported in the UK this week.
Locally Isle of Man Bank and NatWest were the first banks to provide mobile banking for smartphones and have introduced apps for both personal and business customers. Latest figures reveal that usage has grown by 100 per cent in the twelve months to the end of 2013 and the bank expects a similar level of growth in 2014.
The Isle of Man Bank and NatWest apps have been used by customers in over 160 countries and have had over 460,000 logins in the last 30 days. Since the launch of the first mobile app in 2011, there have been two million transactions made using mobile devices. Since then, the bank has continued to lead with innovations providing customers with choice and flexibility and today remains the only bank providing clients with a multi-currency app.
In a report by the British Bankers’ Association (BBA) published this week, mobile phone banking transactions made by British customers have nearly doubled in a single year. Customers are now making more than 5.7 million transactions a day using smartphones and other internet-enabled technology.
At RBS Group in the UK the busiest branch is now the ‘virtual’ one with over ?30 million transferred every day through the mobile banking app.
Bill Shimmins, Managing Director, Isle of Man Bank, commented:
‘Our experience in the Isle of Man reflects the trends evidenced in the UK also. By placing the power to manage their money in their hands, our mobile banking service is transforming the way our customers do their banking. At the touch of a button personal and business customers can check their balance, transfer money between accounts, view their transaction history or pay their contacts.’
Among the latest app features for personal customers is ‘Get Cash’ which enables customers to withdraw money without using their bank card at an ATM. The customer chooses the amount they wish to withdraw from the app and a secure cash code is sent to their phone, which is then valid for three hours at any RBS Group cash machine.
Another new facility is the ‘Pay Your Contacts’ service which enables a customer to pay anyone with a Visa debit, credit or prepaid card using just their mobile number. This will be fully launched in the Isle of Man in May. A revolutionary way of paying someone, it has countless uses; one of the more obvious is a quick and easy way of sending the money owed when splitting a bill with friends at a restaurant.
Bill added:
‘There will always be a place for traditional banking, where branch and telephony teams and relationship managers are on hand to meet with customers and discuss their specific needs. However, for everyday transactions, banking has changed beyond recognition and technology is driving this trend.’
