Mobile banking 'next revolution in personal finance'

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Mobile banking 'next revolution in personal finance'

Fri 20th Nov 2009

The launch of mobile phones which have an application that allow users to access their bank account is the next step in personal finance, according to the Mobile Data Association (MDA).

Chairman of the MDA Steve Reynolds thinks that applications, or 'apps', are the future of purchasing and that banks should be a part of this new wave of technology.

"If you look at the younger generation who have been brought up with the internet, they will say: 'If I can buy apps with my phone, why can't I buy a coffee?'" he said.

Mr Reynolds feels that it is this attitude which will mean mobile banking will be used in place of the internet to make physical purchases, as consumers have become used to a level of convenience that mobile apps can provide.

The comments follow on from the launch of a free app from NatWest, which is available to its customers with compatible phone technology. It enables them to check their account transactions from their mobile phone.

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