UK consumers are increasingly using mobile apps to manage their finances, according to a new report by the British Bankers’ Association (BBA).
The use of phone, internet and mobile banking have all increased in recent years, but by far the biggest rise in digital services is the use of mobile apps, the report said.
We now use mobile banking apps more than 7,610 times a minute, or 4 billion times a year. Meanwhile, internet banking logins have fallen slightly as consumers switch to mobile banking.
For the first time, customers are choosing to use mobile apps more than banks’ websites.
The huge rise in the popularity of mobile apps is down to the speed with which people can access their information and make payments, according to the BBA.
Last year UK consumers made 347 million payments via banking apps, a rise of 54% since 2014, and 417 million payments via internet banking, up 2%.
The Way We Bank Now report was produced by the BBA and supported by professional services firm EY.
Commenting on the findings, Robert Cubbage, UK Banking and Capital Markets leader at EY, said:
“It’s a challenging but truly transformational time for banking. The sector is evolving fast, with almost all areas of financial management becoming simpler, more accessible and more dynamic for consumers. And as the report shows, customers are increasingly making use of all the banking channels available to them.
“For the banks themselves this means there are now more opportunities than ever before to engage with customers. And so there are crucial decisions to be made about how they manage these increased touch-points through internet banking, mobile payments or their branches, and the quality of those interactions.
“Transformation is not without its challenges, but banks that can make the most of the new opportunities available to engage with their customers through digital, and the use of analytics and technology will be highly competitive in the new environment.”