Research specialists CACI has forecast that mobile banking transactions will more than double by 2022, while branch visits are set to dwindle to just four visits each year for the average consumer.
The research has also revealed that customer interactions with their bank could rise by 54% over the next five years.
However, this increase will be largely due to mobile banking, with banking app transactions set to increase by 121%.
Laptop or desktop interactions could also decrease by 63% between 2017 and 2022.
Childless households are set to see a fall in bank visits: from eight a year now to around three per year in 2022.
Customers aged 18-24 currently visit their bank six times a year, but this may diminish to two visits a year in 2022.
The elderly is also set to embrace mobile banking, with five times more elderly, low-income customers expected to be using mobile banking in 2022 than in 2017.
Consumers aged 50+ are to make up almost a third of all mobile banking log-ins in 2022.
Most sectors of society are expected to move towards mobile banking, with 42% of high-income professionals embracing the app side of banking in the next five years.
Jamie Morawiec, associate partner at CACI, said: “The speed and convenience of mobile banking is a huge contributing factor to its ongoing popularity, especially as banks add more and more functionality to their apps.
“However, with more than half of the population still expected to visit a branch in 2022, the branch still has an important role to play.
“Banks and FIs must ensure that the function of the branch remains relevant, complements the digital channels and meets the specific needs of the demographics that are using them.”
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