Almost $1.36 Billion (£1 Bn) is being transacted via mobile and internet banking everyday by consumers in the UK, according to a new report by BBA and Ernst & Young. Internet and mobile banking is now utilized for transactions worth $8.71 Billion (£6.4 Bn) a week – up from $7.8 Billion (£5.8 Bn) in 2013, it states.
"Digital banking is really shaking up the market, driving competition and innovation. This is great news for consumers and also potentially for the UK economy,” stated EY partner in the company's digital financial services, Tariq Khatri, in a press release. “The British public's adoption of digital banking has reached critical mass this year and we believe the UK has a unique opportunity to achieve a leading position in digital banking," he added.
‘It’s in Your Hands’, Some facts from the report:
- Banking apps for smartphones and tablets have now been downloaded over 14.7 Mn times.
- This shows a 2.3 Mn rise since January and is equivalent to a rate of around 15,000 per day in 2014, according to the report.
- Internet banking services receive approximately 7 Mn log-ins per day.
- Contactless cards are expected to see spending rise to $8.3 Million (£6.1 Mn) a week in 2014, up from 3.2 Mn last year.
- 2,274 bank branches have been refurbished over the last two years.
"This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies,” commented BBA chief executive, Anthony Browne, in the same release. “The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank."
Recently, RBS UK announced the closure of 44 branches across the country in April 2014 citing a 30% fall in branch transactions over the past four years. The trend seems to be moving away from brick and mortar to virtual, even in the banking segment.