Mobile Banking to Overtake Branch Visits

Mobile Banking to Overtake Branch Visits - Expert with Points

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.

Thomas Goddard

Thomas Goddard

Thomas is Expert with Points' travel writer, covering a variety of travel locations with handy guides on the must-see places on any trip.

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