UK banks are not offering a full range of mobile services to end users, new research has found.
Mobile transaction network, mBlox, conducted a study into the types of mobile services offered by UK banks and credit card providers and found a gap in the range of mobile services currently available to consumers.
A sizeable 84% of UK banks and credit card providers do not offer SMS transactions or balance alerts as part of their customer service offering. A further 34% do not have a mobile website and surprisingly 76% do not yet have a mobile application, with only 16% offering an iOS mobile app, 8% an Android app and 2% a BlackBerry app.
Andrew Bud, chief strategy officer and founder, commented: “Our research shows that many banks and credit card providers are missing a significant opportunity to serve and engage with consumers. SMS is still the most dependable, effective way for banks and credit card providers to reach practically all their customers.
“Earlier this year, Juniper Research predicted that mobile banking services will use this medium 50% more in 2015 than in 2010, engaging consumers worldwide at a rate equivalent to about one message per month for every man, woman and child on the planet.”
Bud continued: “Consumer demand for access to mobile banking services is growing fast, so financial institutions must ensure that they offer a full range of secure and reliable mobile services, including mobile websites, mobile applications and SMS. Engaging consumers effectively via the mobile medium will rapidly become a key competitive advantage.”