The British Bankers Association (BBA) has released a report entitled ‘The Way We Bank Now: It’s in your hands’, which highlights how the British public is embracing mobile and internet banking technologies and the effect that this is having on the way we manage our finances. The report records that Britons are spending £6.4 billion a week via new payment methods and that there has been a sharp decrease in the number of transactions conducted in the banks’ high street outlets. However, the BBA emphasises the important role that branches continue to play when customers want to take out a mortgage, assess their financial options or make a complaint.
What this means for you
Banks will need to ensure that they keep pace with the public’s demands to use technology to facilitate the way in which finances are managed. However, they need to be mindful that the embracement of technology is not universal among the population and there are occasions when face-to-face contact is still a priority. 2014/15 is likely to be a challenging year for contactless payments, with consumer feedback and confidence still mixed and a sense that a proper user-friendly platform is yet to be decided upon outside of bus journeys in London.