More than 450 Million Text Messages Sent by UK Banks in 2013

A study by the British Bankers Association revealed that mobile banking in the UK finally caught on. Mobile users doubled their transactions using apps and banking websites. But they also took advantage of bank’s text messaging services.

For example, HSBC said 64% of the text messages they sent to customers were low balance warnings. But balance updates are just one of the many ways banks are using text messages. With your consent, your bank can send you a message for:

• Your balance has fallen beneath a specific amount,
• Your balance has reached a specific amount,
• A deposit has been made in your account
• A withdraw occurred from your account

This huge number of text messages is part of a 105% increase in mobile banking transactions in 2013 according to the British Bankers Association. Another study by PricewaterhouseCoopers found that 67% of mobile users from the UK, US, and China used their devices at least weekly to pay bills or other banking tasks.

With the recent launch of the Paym system mobile banking is likely to see to even greater increases. If you haven’t heard HSBC, the Bank of Scotland, Barclays, Lloyds Bank, Halifax, Santander, and TSB are offering their customers the ability to pay bills simply using a text message. To find out how to register and use the  Paym system read the website or contact your bank.

Have you texted anyone a payment yet? If not, what’s the main reason you haven’t? Leave a comment if you have any experiences of mobile banking that you would like to share.