This interim report outlines our reasons for carrying out thematic work on mobile banking and summarises the potential risks we identified from our discovery work. We also set out our high-level plans for our future work on mobile banking.
August 2025 update: This review is historical. See our what we publish[1] page for more information and current views.
Why are we issuing this thematic review?
Mobile banking and payment services have continued to develop and grow in popularity in the UK. We have seen greater choice for consumers, as different types of firms launch a variety of mobile banking products. The innovation and product development that is taking place may provide consumers with greater flexibility to carry out their everyday banking using a new and convenient channel. However, any new technology can also present risks. By publishing this review we want to make sure that the industry knows exactly what we are looking into, supporting firms in mitigating these risks.
This report does not constitute general guidance or contain detailed findings. It is an interim report to provide information about our work on mobile banking as part of our commitment to be a transparent regulator.
What do we mean by mobile banking?
Mobile banking is a broad term that includes using a mobile device (such as a smartphone or tablet computer) to view account information, to make a payment or transfer, or to make a contactless payment from the mobile device.
Who is this thematic review aimed at?
Our work will interest firms that operate in this market, as well as consumer groups and members of the public who are using mobile banking or may wish to do so in the future.
Thematic Review 13/6 - Mobile banking and payments - supporting an innovative and[2]
secure market[2]
What are the next steps?
During the next stage of our work we will do a more detailed assessment, testing a sample of firms providing mobile banking services. Our sample of firms includes major high-street banks, as well as firms that haven’t traditionally provided banking services, to get a broad picture from across the market. We want to understand that firms are considering the risks that we have identified and are taking appropriate steps to mitigate them, so that firms can ensure themselves that their offerings are secure, technically robust and straightforward for their customers to use. We will continue to engage with industry, working with firms, technology providers and trade associations to deliver these objectives.
We aim to conclude our assessment work in late-2013 and report back to the market in the first half of 2014.