The number of internet banking logins made by Brits each day fell last year, as customers continued to migrate to apps, BBA research shows.
In 2015, there were 4.3 million online banking logins each day, down two per cent on the previous year, the BBA's Way We Bank Now report shows. In contrast, banking app logins topped 11 million a day, a 50% rise on 2014 as 40,000 apps were downloaded every 24 hours.Download the document now 2.2 mb (PDF File)
The number of payments made using banking apps hit 347 million last year, a 54% rise. Internet banking still has the edge here, used for 417 million payments in 2015, but this was up just two per cent.
Meanwhile, the report uses Caci data to show that the branch continues its slow death, with the number of visits projected to have fallen from 476 million in 2011 to 278 million in 2016. This is expected to continue for the next five years, with 185 million visits in 2021.
Caci figures also suggest that average visits per branch a day have fallen from 104 in 2011, to 71 in 2016 and are set to drop to just 51 in 2021. The average visits to a branch per customer per year has also declined from 13.7 in 2011 to 8.1 in 2016, and is forecast to drop to 5.3 in 2021.
However, the data suggests that this is not because customers are becoming estranged from their banks, with the overall customer interactions across channels rising.
Britain's love affair with tap and pay continues, with 15 million contactless cards issued in 2015, up 54% on 2014. Spending on these cards is rising at an annual rate of 250% with £1.1 billion spent in March 2016 alone.
Anthony Browne, CEO, BBA, says: "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."
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