Mobile banking set to be most popular form of banking
15/06/2015
Mobile banking is set to take over computer banking as the most popular way to bank, according to the British Bankers Association.
Research has found that customers throughout the UK are set to check their current account a record 895 million times on their mobiles in 2015, which will beat the 705 million predicted for computers, 427 million branch visits and 64 million telephone calls. This compares to 2010 when computer banking was most popular, as customers checked accounts 565 million times on their computer, 502 million times at a branch, and only 86 million times on mobile phones.
The analysis from the British Bankers Association also found that customers moved £2.9 billion a week using their mobile phones so far in 2015, compared with an average of £2 billion a week throughout the whole of 2014.
A report published in May has also found that cashless payments have overtaken the use of notes and coins for the first time ever. 52% of payments were made using electronic transactions, according to the Payments Council.
Anthony Browne, chief executive of the British Bankers Association said:
"Technology is changing our lives and banking is no different.
"The rapid take up of apps and mobile banking appears to be a real game changer for the British public."
The Campaign for Community Banking has claimed that mobile and internet banking is unattainable for a large number of customers and should not be used as an excuse to close branches.
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Conservative Party considers breakup of UK banking sector
George Osborne, the shadow Chancellor of the Exchequer, has today laid bare the thoughts of the Tory Party with regards to the UK banking sector of the future. He firmly believes that the giants such as the Royal Bank of Scotland and Lloyds Bank need to be carved-up into more manageable businesses which can no longer, in their own right, have a significant impact on the UK economy and the global e...
Read MoreCoventry building society in merger talks with smaller competitor
The Coventry building society has today confirmed talks are progressing with the Stroud and Swindon building society to create a group which would have around £20 billion in assets. While talks are at a very early stage it is believed that the Coventry building society, with 1.2 million members and 48 branches, and the Stroud and Swindon building society, with 265,000 members and 43 outlets, are...
Read MoreHBOS shares dive bomb on fears for future
Despite having just raised £4 billion to shore up its balance sheet it seems that the future of HBOS is very much in the balance with traders not convinced that the group is on a firm financial footing. There are concerns that the group will be forced to return to investors for more funding in the near future, something which has seen the shares fall by near a third this morning to around 190p,...
Read MoreOnline bank accounts recommended for savers
Savers looking to secure a high rate of interest for their cash should consider an online savings account, according to Halifax. Figures from payments company Apacs show that the number of adults using online banking increased by 174 per cent between 2001 and 2006, bringing the number of users from 6.2 million to 17 million. The appeal of the accounts is in part down to their convenience, but they...
Read MoreCash held in bank accounts “temporarily” protected
01/04/2015 People who have large amounts of money in their bank accounts for a small amount of time will now have their money protected in the event of their bank failing. The Bank of England has announced that the Financial Services Compensation Scheme (FSCS) will be extended to include large sums of money that is in people’s bank accounts “temporarily”. The FSCS can pay compensat...
Read More