April 1, 2014
According to the British Bankers' Association (BBA), a 'revolution' in mobile banking use is under way in the UK. Mobile banking app use for customers at the five major UK High Street banking groups almost doubled over the past year, BBA figures suggest.
At the moment, users perform 5.7 Mn transactions per day utilizing smartphones. Local branch closures due to declining demand for day-to-day banking are the 'direction of travel', the BBA stated.
Nonetheless, a number of branches will remain open for 'big moments' in life such as arranging a mortgage. There's an amazing revolution in the way people are banking,' Anthony Browne, Chief Executive of BBA told the BBC. People are increasingly using mobile banking for day-to-day transactions like checking their balance, paying bills, and taking out loans, he said.
'The reason why it [mobile banking] has grown so much is just that it's a lot more flexible. It's driven by customers - they can do it any time of day or night. You can pay a bill while at the pub - that sort of thing.' Visits to branches are declining overall due to alternatives such as online banking, but branches 'are here to stay', Browne added.
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