Mobile banking changes the way people refer to money

Mobile banking changes the way people refer to money

A new lexicon of financial terminology is changing traditional banking terms, according to a study by Barclays.

The findings, based on research of the way people talk about money on social networking site, Twitter, reveals 43 per cent of people think that the informal nature of banking via mobile phones has changed the way people now talk about and refer to money.

With six in ten Tweeters' using mobile banking to manage their money, (compared to four in ten of the wider UK population using mobile banking), the study found that Twitter users are driving a language change. Most notably, they are replacing the traditional word transfer' to describe the movement of money with other words such as ping', pop', drop' and swipe'.

Other informal words and phrases being used to describe money and banking include shrapnel', dosh' and in the black/red'. Twitter users themselves support the development of this new language, with 63 per cent stating they use informal terms as it's quicker when writing a tweet and 59 per cent have started using these terms in everyday life as a result of tweeting about them.

Sean Gilchrist, managing director of Digital Banking at Barclays, said: "Innovations and improved functionality in the Barclays.mobi service is making pinging' money around a lot easier. As we embark on a major milestone of 1 million mobile banking transactions in a month, mobile technology is growing at a rate far faster than online banking did when it was first launched.

"It appears that this new banking language is being driven by the phenomenal growth in social media forums, combined with the sheer number of smartphones now available in the market, making the more traditional forms of banking seem outdated for this group of people."

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