According to a study issued by provider of digital banking software services Intelligent Environments (IE), a quarter of UK interviewed respondents believe that mobile financial services are set to hit mainstream in 2013 while a third state that the tipping point would come in 2015.
Moreover, the report has found that mobile operators and technology providers are pushing developments, being most proactive in this market. Additionally, the report has shown that, although UK banks have been making waves in the mobile payments sector, on the whole financial institutions have been somewhat behind the pace. This is largely due to the turmoil that the financial services sector has experienced over the last few years, with a third of UK respondents believing that complying with increasing regulation is a priority for banks at the moment.
The report has also revealed that, despite the roll out of recent mobile banking and mobile offerings, only one respondent believes that to date the UK has been faring well in its delivery of mobile financial services compared to the rest of the world while none believe the UK is at an advanced stage in its development of mobile banking and mobile payment offerings. In particular, two thirds of UK respondents said that the mobile payments ecosystem in the UK is currently still in its infancy.
Finally, the report has found that security risks are the challenges that are hindering the progress and adoption of mobile banking and mobile payments services in the UK, according to nine of the mobile specialists interviewed and a lack of pioneering solutions from the industry represents yet another challenge according to a third of respondents.
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