Research released from international money transfer company Azimo, reveals that nearly half of European consumers find it irritating when they have to ask for bank account or IBAN details over and over again to transfer money to friends and family. With 42 per cent admitting to not knowing their own bank details off by heart, let alone the financial details of others accounts, over half (53 per cent) said they do not have easy access to a friend or family members bank details. Interestingly, this was highest in the 16-24 age group at 60 per cent.
The research also shows that two thirds of consumers still have to ask for their friends or family’s banking details when they want to make a transfer with 1 in 5 making at least two money transfers per month.
But consumers no longer need to remember long account details, IBAN numbers or sort codes, as online money transfer firm Azimo turns the process of sending money to friends and family on its head. A new feature launched this month in the Azimo app, allows users to send cash to any mobile phone number, leaving it up to the recipient to claim the money.
Whether sending money overseas or simply paying friends back for a meal, this new mobile first innovation is changing the way consumers manage their finances as well as revolutionising the customer experience. This has come as welcome news to the 85 per cent of consumers surveyed who have friends and family’s mobile numbers stored on their phone already.
Michael Kent, Founder and CEO of Azimo explains “Thanks to technology, money transfer is much more accessible and fluid, ” Michael further explains “At Azimo, we’re focused on making transferring money as easy as switching on your TV, a seamless part of everyday life. This new data shows the need for technology to continue to change the world of finance for the better to meet the growing needs of consumers’.
Online money transfer is also helping consumers avoid paying up to £7 billion in financial charges* every year thanks to digital innovation helping them better manage their finances.
With a business servicing over 190 countries across the globe, Azimo has the largest digital money transfer network in the world, and, is continuing to grow. The launch of transferring money via a phone number in Eurozone countries, puts the company at the forefront of innovation with mobile-first payments. Azimo is also rolling out its request functionality to Poland, the US and Canada, the rest of the network to follow throughout the year.
