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Tuesday, August 9, 2016

Competition watchdogs to enforce smartphone banking revolution

Duncan Ash, director of global financial services at Qlik, an app building firm, said banking customers are already ditching banks' websites for mobile banking apps which can be accessed more easily with just a four digit PIN. 


Figures from the British Banking Association show internet banking logins fell by 100,000 to 4.3 million a day in 2015 down from 4.4 million in 2014. Meanwhile mobile device apps were used 11 million times a day in 2015, up from 7 million a day in 2014. 


So-called "open banking" is one of a number of remedies being unveiled today by the CMA following a £5m investigation to improve competition among banks following years of customer complaints.


The Government launched the review over concerns customers were getting a poor deal because Britain's biggest banks, which all offer similar accounts and services, had a market monopoly and were not competitive enough.


Source : www.telegraph.co.uk/

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