Mobile apps replace bank branches for UK millennials

Mobile apps replace bank branches for UK millennials

More than half of millennial Brits now regularly use their mobile phones to keep on top of their financial affairs, according to a Visa survey.

Of more than 2000 Brits quizzed, 38% carry out banking via an app on a regular basis, with this rising to 53% for 18 to 34 year olds. However, there is still some way to go for the mobile to become ubiquitous, with 31% of millennials never having used a banking app.

Meanwhile, UK consumers are also making use of the increased ability to quickly and securely make payments on their phone. Over a third have now made a peer-to-peer digital payment via a mobile device, with millennials again leading the way on 59%.

With more mobile devices coming equipped with fingerprint scanners, millennials also demonstrate an increased appetite for using biometric technology when authenticating their identity. More than a third of 18 to 34 year-olds would prefer to make P2P payments using biometrics, while 37% would like to use this technology in conjunction with a banking app.

Jonathan Vaux, executive director, innovation partnerships, Visa, says: "Mobile technology has revolutionised the retail banking industry. Until relatively recently, simple transactions such as transferring money between accounts meant visiting a bank branch in person.

"We are now seeing banks embrace the flexibility offered by apps to reduce the pain points for customers and allowing them to stay on top of their finances while on the move. In essence, anyone with a smartphone or tablet is now able to take their bank branch with them wherever they go."

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