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Mobile banking tech keeping people more in touch with their finances

4 August 2016

Survey shows technology advances are putting the British public more in touch than ever with their bank balance.

Technology advances within banking have resulted in people using online and mobile banking apps to check their spending more than ever, according to a recent survey from Nationwide Building Society.

Fast access to their accounts means more people are now keeping on top of their finances regularly, says the Society, with four in five (83%) now checking their bank balance once a week or more and over half (52%) keeping a more constant eye on their spending.

New banking apps are allowing consumers to keep on top of their spending – and saving – with constantly evolving new features. The survey of 2,000 UK adults found that people believe they would have greater control of their money if they were able to search transactions by dates and periods of time as well as by location would also allow more financial control.

Divisional director of Group Retail Strategy at Nationwide, Barnaby Davis said: “This research shows customers are using mobile banking from many places all of the time. I remember a time when customers would check their balance once a month on a bank statement, now we see people checking their bank once a day and in many cases more times than that.”

Nationwide introduced its Quick Balance feature two years ago. This allows customers to check their balance without logging in, and since it was introduced it has been used 100 million times.

Barnaby added: “People are no longer shocked when checking their balance as they are looking at it much more frequently; this allows everyone to feel financially empowered by keeping on track of their finances.”

The five top places people said they like to check their finances were:

1. sofa (68%)

2. bed (50%)

3. work (42%)

4. shopping (21%)

5. gym (4%)

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