Mobile banking: now a standard for many

In 2018, 68% of smartphone users in Luxembourg have already done banking on a smartphone. 85% of them think that using devices to manage money is enjoyable and 71% of Luxembourg residents think it’s smart.

Luxembourg residents as well as Europeans in general are increasingly using their smartphones and other forms of mobile technology to do their banking. The percentage of people starting to engage in mobile banking has steadily increased since 2015 (39% in 2015). While initial uptake is often relatively slow, a majority of people have followed the trend in just a few years (69% in 2018).

It appears that the vast majority of people who already use different devices do not care which one they use, the main requirement being accessibility. In Luxembourg, depending on the mobile banking action (i.e. make payments, check balances…) between 86% and 94% of respondents state using whatever device (mobile phone, tablet, computers, and smartwatch) is closest. “Technology is becoming embedded in everyday life and advancements in banking tech seem to suggest that people are moving seamlessly between devices for their banking activities” says Ingrid Ballesca, Market Intelligence Analyst at ING Luxembourg. For example, to check their account balance, 94% of Luxembourg respondents state using whichever device is accessible at the time.

Luxembourg respondents want tech choice

Consumers in Luxembourg want to be offered the latest technology, even if they state that they are not willing to immediately take up new financial technology. 75% of respondents in Luxembourg want banks to work together to deliver the latest technologies to their customers.
There is a broad consensus that banking tech should work across platforms and around the world.

Diversification of access to services

Customers are open to new tech and using an app to find information is especially popular in Luxembourg, where 78% of respondents use their bank’s app to find information versus 64% who call on the phone. Still 65% of respondents still like to pop into a branch to access services (this is even higher in Europe 70%).

The trend is that people are increasingly using various methods to access financial services.
Interestingly, the use of devices such as tablets or phones is associated with checking balance accounts more frequently for 70% of Luxembourg respondents (versus 63% of Europeans), but that fact does not translate into a perception of clearer financial goals (only 37% say their financial goals are more clear than before using the devices).