18 December 2017
visit http://response.ncr.com

UK banking app transaction numbers soar

29 June 2017  |  12736 views  |  0 hipster suit with phone

Brits are increasingly relying on banking applications to manage their money, with nearly 40% of adults using apps in 2016 and transactions rising by 57% during the year.

Over 19.6 million people used banking apps last year, up 11% on 2015, according to figures put together by the British Bankers Association and EY.

Customer use of banking apps has soared by 356% between 2012 and 2017, with the number of transactions rising as customers begin to do more than simply check their account balances.

Last year there was a 30% rise in the number of Brits using apps to manage their savings, a 46% increase in those looking after their credit cards and an 86% jump in those handling mortgage and investment accounts.

Nearly two thirds now use apps to transfer money, six in 10 paying other individuals and just under a quarter arranging standing orders.

Meanwhile, banks sent out over 434 million text alerts to customers in 2016, an 18% increase on the previous year, and there were 4.4 million webchats, up 24% on 2015.

Away from the mobile phones, there was also a 225% increase in contactless card spending during 2016 as one out of every four card payments used this technology.

Eric Leenders, MD, retail and commercial banking, BBA, says: "Customers’ appetite for using technology to manage their money on the move is showing no signs of abating, with banking apps now the principle means by which we access our current accounts.

"And this doesn’t appear to be a fad with more and more people moving beyond payments, increasingly using apps to access a broader range of banking services, such as savings, credit cards, mortgage and investment accounts."

A report released by industry analyst CACI yesterday forecast a steep decline in the number of banks branch visits over the next five years as banks build out their apps and steer more consumers to the mobile channel.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Branch visits face steep decline as mobile banking takes hold

Branch visits face steep decline as mobile banking takes hold

28 June 2017  |  7099 views  |  2 comments | 10 tweets | 24 linkedin
UK to roll out image-based cheque clearing system

UK to roll out image-based cheque clearing system

22 March 2017  |  11574 views  |  10 comments | 21 tweets | 45 linkedin
Brits warm to mobile tap and pay

Brits warm to mobile tap and pay

28 February 2017  |  8612 views  |  0 comments | 14 tweets | 13 linkedin
Barclays promises faster biz loans via mobile app

Barclays promises faster biz loans via mobile app

05 January 2017  |  8485 views  |  0 comments | 14 tweets | 13 linkedin
Apps crush internet for UK banking logins

Apps crush internet for UK banking logins

22 July 2016  |  11743 views  |  6 comments | 20 tweets | 27 linkedin
BBA launches review into branch closure protocol

BBA launches review into branch closure protocol

06 May 2016  |  5940 views  |  3 comments | 4 tweets | 2 linkedin
Banking by mobile overtakes branch interactions - BBA

Banking by mobile overtakes branch interactions - BBA

15 June 2015  |  8840 views  |  0 comments | 38 tweets | 30 linkedin
Banking has reached a digital tipping point BBA warns

Banking has reached a digital tipping point BBA warns

24 March 2015  |  21274 views  |  7 comments | 62 tweets | 40 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11024 views comments | 3 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
8427 views comments | 11 tweets | 12 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7516 views comments | 19 tweets | 22 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
6995 views comments | 6 tweets | 26 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6951 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job