Research suggests that in the coming year, the number of customers using their mobiles to check their bank accounts will overtake those doing so on their computers, previously the most popular method.
The British Bankerís Associationís (BBA) research predicts that in 2015, customers will use mobile sites or apps to check their bank accounts 895 million times, compared to the 705 million times computers will be used. This far outweighs the 427 million times customers will visit branches, and the paltry 64 million times telephones will be used.
Compare this to the figures from 2010, when customers used computers to check their accounts 565 million times, and only used mobile phones to do so 86 million times.
As electronic payments begin to overtake all other forms of transaction, the rise of mobile banking should come as no surprise. BBA chief executive Anthony Browne echoed this sentiment saying that ìtechnology is changing our lives and banking is no differentÖThe rapid take up of apps and mobile banking appears to be a real game changer for the British publicî
All of this comes off the back of the news that last year in May 52% of all transactions in the UK were made electronically (or at least without cash), as customers across the country, even the world, are making the turn towards more technologically advanced financial systems.
Derek French of the Campaign for Community Banking has expressed worry about the inclusivity of digital banking platforms, and is concerned about banks using the explosion of digital means to justify widespread closure of branches.
“We do not want to stop technology, but we want the industry to think about the small businesses, clubs, churches and charities who are losing their banksî he has said.