Banking on smartphones and tablets has displaced traditional branches and even the internet as the most popular way to bank, according to new research.
The findings, commissioned by the British Bankers’ Association (BBA), has revealed that customers will check their current accounts 895 million times in 2015, more than the 705 million branch visits.
The report forecasts that customers will use their mobiles to bank 2.3 billion times within the next five years. That will be more than internet, branch and telephone banking combined.
“Being mobile-enabled is a must, not a maybe, and banks that don’t engage properly with mobile channels risk losing relevance in customer’s lives. The next frontier of innovation will be delivering an exceptional customer experience through mobile, across products and services, and going beyond banking,” said David Ebstein, head of Digital for Financial Services at EY.
In another report by BBA, The Way We Bank, jointly worked on with EY, it is highlighted that UK consumers have downloaded banking apps 22.9 million times by the end of March this year, which marks an 8.2 million rise in the space of just one year.
The Way We Bank also noted a 43 per cent decrease in banking instructions made over the telephone, as well a 6 per cent drop in branch transactions.
“Technology is changing our lives and banking is no different – it is now easier than ever for us to check our balances, pay our friends and manage our money. The rapid take up of apps and mobile banking appears to be a real game changer for the British public,” said Anthony Browne, chief executive of the BBA.
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