The number of customers logging in to desktop banking websites fell for the first time a year ago as consumers increasingly turned to mobile apps to check their finances. In 2015 bank customers used official websites to login to their account some 4.3 million times a day, 100,000 times less than in 2014.
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Its Way We Bank Now report, which charts changing customer habits, said there were 347 million payments made using mobile apps in 2015 – up 54 per cent on the previous year.
Meanwhile, the usage of mobile device apps grew from seven million a day in 2014 to 11 million in 2015.
Published as part of the BBA’s annual The Way We Bank Now report with EY, the figure also show a dramatic rise in the use of contactless cards, which is up 250 per cent, with £1.1bn spent in March 2016, compared to the same month past year. Although there were more made via internet banking, at 417 million, the gap is shrinking fast with these payments only increasing in number by 2%. In March 2016 alone, £1.1bn was spent in the United Kingdom using contactless cards. Banks issued 15 million cards with contactless technology in 2015, up 54 percent on the year before.
Customers are increasingly preferring to use mobile banking apps to manage their cash “on the go” over banks’ websites, a report has found.
And it seems that people physically visiting their local bank branches is on the wave, with 476 million visits in 2011 to 278 million in 2016.
This is expected to continue for the next five years, with 185 million visits in 2021, the report predicts.
Subsequently due to the rise of technology, the number of visits to bank branches fell to 278m in 2016 from 476m in 2011.
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“We are in the midst of a consumer-led revolution in the way we do our day-to-day banking”, he added. Customers love the new technology that is allowing us to bank round the clock.
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“The sector is evolving fast, with nearly all areas of financial management becoming simpler, more accessible and more dynamic for consumers”.
