We investigated how easy is it to open a savings account on a mobile device. We analysed the experience of opening an easy access savings account on an iPhone 6S Plus, with 10 leading UK banks.
Having savings makes you happy. The Lloyds Bank Quarterly Savings Report from August 2018 showed that regular savers are much more likely to be happy with 74% of regular savers reporting feeling happy as opposed to just 36% of non-savers.
58% of 25 to 34 years olds believe that money matters are their biggest causes of stress. Clearly, having money set aside for a rainy day helps people feel less stressed about unforeseen costs.
The notion that people browse on mobile and buy on desktop is outdated and most brands realise that they need to continually improve mobile user experience.
In a report on Global Payment Trends from Worldpay in 2018, the UK’s mobile commerce market is expected to be worth £243.7 billion by 2022, a rise of 55 per cent.
35 million people (72% of the UK adult population) will bank using a phone app by 2023 according to CACI.
So if providing an outstanding mobile experience from the first interaction with customers onwards isn’t a primary focus, the opportunity being missed is colossal and set to grow.
This report was created by Nina Mack, MD at Worship – a UK-based digital experience and conversion optimisation agency which specialises in financial services.