Smart-phones have widely changed our standard of living and access and management of our money. A recent study by EY and BBA states that customer usage of banking apps have risen by 354% in last five years, with an average of 159 logins per second. Not only for banking purposes, UK customers use mobile tools to manage their mortgage and investments, credit cards and savings. Some suggest that this increased usage on financial apps isn't short term but will have a long term effect. The technology is helping customers in this financial revolution by adding check imaging, contactless payments and biometric identification. This will help in the launching of Open Banking in 2018 when customers will have greater choice and control over their financial lives. Read more at :
http://banking.com/news/apps-transforming-personal-finances/