Mobile banking usage surges in UK as banking via websites slows

Smartphone-addicted Britons are increasingly preferring mobile banking apps.

Mobile banking usage surges in UK as banking via websites slows

Smartphone-addicted Britons are increasingly preferring mobile banking apps to manage their money over banks’ websites, according to a report by the British Bankers’ Association (BBA).

Customers used mobile banking apps more than 7,610 times a minute, or 4 billion times a year, the Way We Bank Now report found.

Internet banking logins dropped 4.3 million a day in 2015 compared with 4.4 million in 2014, the report says. While, mobile apps were used 11 million times a day in 2015, up from seven million a day in 2014.

Payments using mobile apps in 2015 were 347 million, up 54% or 122 million from the year before. On the other hand, payments using internet banking were 417 million last year, an increase of 2% or 9 million from 2014.

The annual use of contactless cards also rose by 250%, with £1.1 billion spent in March 2016 alone. Banks issued 15 million contactless cards in last year, a surge of 54% compared with 2014.

The study, supported by EY, also found that over 13.8 million apps were downloaded in 2015, a jump of 25% compared with the year ago figures.

BBA CEO Anthony Browne said: “Our influential Way We Bank Now report shows a staggering increase in people using mobile apps, proving it’s now easier than ever to interact with your bank.

“We are in the midst of a consumer-led revolution in the way we do our day-to-day banking. Customers love the new technology that is allowing us to bank round the clock.

“You can set up standing orders while standing in the queue for the bus and check your balance while checking in at the airport. The choice now on offer from banks, from state-of-the-art branches to cutting edge apps, has put customers firmly in the driving seat on the way we bank.”