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Thursday, July 27, 2017

Fintech

30 banking app transactions made per second in 2016

Jordan Williams | 15:05 Thursday 29th June 2017

Bank customers made 932 million transactions – or 30 transactions per second – during 2016, according to the latest figures.

The Way We Bank Now series by the British Banking Association (BBA) has revealed that over 19.6 million people used banking apps in 2016, up 11% on the previous year; this corresponds to almost four in 10 (38%) of the UK adult population.

Customer use of banking apps increased by 354% between 2012 to 2017, with 64% using apps to transfer money, six in 10 (60%) for paying other individuals and just under a quarter (23%) for arranging standing orders in 2016.

Over 434 million text alerts from banks were sent to customers in 2016, an 18% increase on the previous year.

“Customers’ appetite for using technology to manage their money on the move is showing no signs of abating, with banking apps now the principle means by which we access our current accounts,” said Eric Leenders, BBA managing director, retail and commercial banking.

“And this doesn’t appear to be a fad with more and more people moving beyond payments, increasingly using apps to access a broader range of banking services, such as savings, credit cards, mortgage and investment accounts.

“Latest developments in the consumer-led digital revolution are empowering customers to manage their finances more conveniently.

“Whether we want to visit our local bank branch, use a mobile or internet-bank, there are more ways we can choose to access and manage our money than ever before.”

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