Mobile banking has made it so much easier to keep an eye on your money - wherever you are.
Being able to see a 'blow by blow' account of your finances can help you to identify any issues and fix them - sometimes even before they happen. Gone are the days of receiving a statement in the post and realising (perhaps too late) that something has gone wrong.
So it's perhaps unsurprising to see that four in ten British adults (41%) access their bank account using a mobile device - according to new research from thinkmoney. It seems that once you've logged on to mobile banking you're hooked, as the vast majority of users (87%) use their device to check their account at least once a week.
Some people go even further and check their mobile banking once a day or more. 5 million people (24% of mobile banking users) log on once a day and 2.5 million (12% of users) go on twice a day or more. That's 15% of the British population as a whole.
Only 4% of mobile banking users (that's only 800,000 people in the UK) access mobile banking less than once a month.
Who's using mobile banking?
Younger people are more likely to latch on to this technology than older ones. 65% of 18-24 year olds and 65% of 25-34 year olds use mobile banking - compared with only 14% of over 65s.
25-34 year olds are most likely to log on regularly - as 90% of mobile banking users in this age range say they log on at least once a week. This could be due to a combination of them being young and willing to try out new technology - and having to juggle different financial commitments like mortgages and young children.
However, older silver surfers are not that far behind. A respectable 81% of mobile banking users aged 55-64 log on just as regularly.
What we've seen at thinkmoney
At thinkmoney, we're all about making your money easier to manage. That's why this website is optimised for use on smartphones and tablets.
Our customers have responded well to our mobile site - and it seems that interest is continuing to grow. In the first half of 2012 (January 1st - June 30th) 22% of our users accessed our site on mobiles and tablets. In the first half of 2013, this has grown to over a quarter of total users (26%).
In between these times, there's been a 13% increase in visits on smartphones. However, more impressively, there has been a whopping 53% increase in visits on tablets. Desktop visits have decreased by 3%, but don't expect the 'death of the desktop' just yet. Desktop visits still account for around three quarters of our traffic (73%).
Battle of the devices
In both 2012 and 2013, the Apple iPhone has been the most popular mobile device used for accessing the thinkmoney site. However, in 2013 we've noticed that Samsung is dominating the league tables - with 8 Samsung devices in the top 10 devices used.
Tablets are creeping their way up the league tables too. Between January and June 2012, there were only 2 tablets in the top 20 devices used (the Apple iPad and the Acer 500 Picasso).
In the same time period in 2013, tablets made up a quarter of the top 20 devices used. The 5 tablets in the top 20 were:
- Apple iPad
- Samsung Galaxy Tab 2 (10 inch)
- Samsung Galaxy tab 2 (7 inch)
- Amazon Kindle Fire 7
- Google Nexus 7
Do you need to keep a close eye on your bank account?
Being able to check on your money whenever (and wherever) you want is nice - but it can be stressful if you have to keep a close eye on your account because you're not sure what's going to happen to your bank balance.
In this respect, thinkmoney customers are different. When you open a thinkmoney Personal Account, we set it up so that all your bills and other important costs are paid on time, and any remaining money goes to you to spend how you like. As long as you keep our Money Managers updated - and put enough money in the account in the first place - you'll know you won't be spending money you need for bills.
What's more, on our online account management, you can see a forecast of your finances over the next few months. If your budget is in balance, you'll see a green smiley face.
So, in theory, thinkmoney customers don't actually have to log on every day to keep their eye on their accounts, as everything is taken care of. They do like to check in every now and again, though - and when they do, they're increasingly likely to do it on the go.