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21/05/2018 13:19
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Banking by mobile app 'to overtake online by 2019'

Banking by mobile app 'to overtake online by 2019'

Summary

More consumers will use apps on their smartphone than a computer to do their banking by as early as next year, according to forecasts.

Major UK banks have been closing hundreds of branches in recent years...

Last year, 22 million people managed their current account on their phone, industry analyst CACI said.

It has predicted that 35 million people - or 72% of the UK adult population - will bank via a phone app by 2023.

By then, customers would typically visit a branch only twice a year, it said.

CACI added that rural areas and smaller coastal towns would see the biggest increase in mobile users between now and 2023, owing in part to frustration over broadband access pushing customers towards mobile networks.

Source