Monday, June 22, 2015

‘Hi, your bank here. Need cheap suncream?’ Welcome to the future of mobile apps

You walk past your favourite clothing retailer. You’ve not bought anything for a while, so your mobile phone flashes offering you a discount on the type of things you usually buy.

You receive an alert from your bank saying your water bill has shot up and you should check for a leak. Another arrives saying you are paying 20% more for broadband than your neighbours. But don’t worry – your bank has already switched your provider.

These are the kinds of services on offer from the next generation of mobile banking apps, claim experts. Banks are poised to tap into the vast amount of detail they have on our spending patterns to become “more of a lifestyle partner, a bit like a concierge service for smartphone users”, says Alistair Crane, chief sales officer at mobile banking technology firm Monitise. “Banks know a lot about you, such as how much and when you get paid, what your credit limit is and where you’re spending your money, and they will use this to provide a more personal service.”

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