The British Bankers’ Association (BBA) has published a new report on digital banking.
The report shows a dramatic increase in consumers using digital banking and new technologies to manage their money. The use of phone, internet and mobile banking have all increased in recent years, with customers having more contact with their banks than ever before.
The report which investigates changing customer habits and major technological advances in banking reveals:
- Payments using mobile apps in 2015 were 347 million, up 54% or 122 million from the year before.
- Payments using internet banking were 417 million last year, a 2% increase or 9 million from 2014.
- The annual use of contactless cards has risen 250%, with £1.1 billion spent in March 2016.
- Banks issued 15 million cards with contactless technology in 2015, up 54 per cent on the year before.
- More than 13.8 million apps were downloaded in 2015 – a 25% rise on 2014.
The report suggests the popularity of all forms of digital banking is due to it reducing the stress customers experience around managing their money, as it makes it easier for them to keep track of their finances.
By far the biggest rise in digital services is the use of mobile apps, which the report puts down to speed in which people can access their information and make transactions. New figures in the report show mobile banking apps are increasingly preferred to banks’ websites, as internet banking logins fell slightly last year.