The number of customers using mobile banking is set to overtake the number who are visiting a high street branch within the next two years, according to analysis by the marketing consultancy Caci.
People using internet and mobile banking has already established a good foothold in the UK. It is a convenient and quick method of accessing and moving money around, and a lot of people no longer live close to a high street bank branch.
According to figures published by UK Finance, over two-thirds of customers were using online banking in the year 2018. When looking at mobile banking itself, there is a steady increase visible. 48% of customers were using it in 2018, compared to 41% who were using it the previous year, 2017.
It is predicted that 71% of customers will be using mobile apps for their banking by year 2024. During this same time-frame, the number of customers visiting branches is expected to fall to around 55%.
Clearly, there has been some new mobile-only start-up banks establishing themselves recently which have contributed to the above figures. These mobile-based banks are adding pressure to the traditional banks, with new and innovative ways of banking. With their likely continued rise, along with a decline in high street banking options, it will be interesting to see how the above figures alter the banking landscape in the near future.