Banking apps on the up, as payment via apps goes up by 54%

Banking apps on the up
22 July 2016

Banking apps on smartphones are surging in popularity in the UK, with payments via mobile going up by 54% in 2015, with a value of £347 million.

It isn't surprising really, as more and more people have smartphones than ever before.

Of course, desktop banking can be a slight faff, remembering passwords and the like, and any service that means you don't have to talk to another human is always going to be popular.

According to a report from the British Bankers' Association, the average customer of UK banks has a look at their finances on their phone over once per day, checking balances and payments.

Visits to actual branches are on the decline, with the average bank only dealing with 71 customer visits a day – that's a 32% decline since 2011.

All in all, people are using banking apps over 7,610 times per minute - that's 4 billion times, every year.

The BBA report said customers are the real winners here, thanks to the "consumer-led revolution". Of course, there's a worry that this could result in branch closures, which isn't great for older customers, or the vulnerable.

"Anyone who doubts just how much mobile banking has become part of the daily routine for millions of us should consider just how frequently customers login to their apps. Some BBA members have reported that the average customer now logs in to check their balance or make a payment 36 times a month," says the report.

"Many financial chores that traditionally had to be done by trudging off to the nearest high-street branch can now be done without taking a step out of your way," it added.

TOPICS:   Banking   Mobile

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment