Mobile banking in Europe is gaining popularity, with more than half of smartphone and tablet owners set to use their devices to manage finances by next year, according to a new report by Amsterdam-headquartered bank ING.

In a survey covering nearly 15,000 people across 15 countries, including the US and Australia, results showed that the number of people using devices for banking has increased to 47 per cent this year, from 41 per cent in 2015, with another 16 per cent expected to start within the next 12 months.

The report further showed that more than 70 per cent of those who use mobile banking across 13 of the countries believe they managed finances better as a result of mobile banking, a figure slightly lower than the US at 78 per cent but higher than 61 per cent in Australia.

The UK, meanwhile, saw the second highest rates in terms of adoption, with 55 per cent, just behind the Netherlands on 64 per cent.

Romania was the lowest, with 22 per cent, although 47 per cent expect to use it in the next 12 months.

Mobile payments
With regards to mobile payments, there is also an increase in Europeans using their phones to make transactions. 40 per cent of those surveyed said they used an app to pay on the go in 2016, up from 33 per cent in 2015 , while 56 per cent said they will “certainly or probably” use a mobile payment app in the next 12 months.

ING noted that if the growth continued, Europe could overtake the US in this metric, where adoption has been static in the last 12 months at 42 per cent.

“The mobile revolution is not a fad,” said Ian Bright, a senior economist at ING. “People not only want to use their mobile phone in everyday life to manage their money, but many also reckon it helps them manage their money better.”