The Bankwatch

Tracking the consumer evolution of financial services

Bank customers move from online banking to mobile apps

The ongoing demise of online banking and its replacement by mobile banking continues. These statistics overshadow the almost 50% reduction trend in branch based transactions in UK that is expected to continue significantly to 2021. They also note this is not a reflection of bank disaffection; rather it is a shift in how customers interact with Banks.

For industry wonks click through for the BBA/EY report.

Apps crush internet for UK banking logins

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.

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.

Further the EY lead notes something of particular interest

However, they also face difficulties in bringing legacy infrastructure in line with their new aspirations and creating an organisational environment that attracts top talent to achieve their aims.

Written by Colin Henderson

July 25, 2016 at 02:48

Posted in Uncategorized

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