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.”
Hampshire Trust Bank appoints new chairman
Hampshire Trust Bank has announced the appointment of Robert Sharpe as its new chairman, subject to regulatory approval...
Metro Bank confirms director of commercial real estate departure
Metro Bank has confirmed that its director of commercial real estate Andy Hallett has stepped down from his position...
Revolut introduces exclusive offers
Revolut has added a new feature to display exclusive offers from high street brands and start-ups on its mobile app...
Revolut set to offer cryptocurrencies
Revolut has announced that it is soon to release phase one of its cryptocurrency offering to its customers...
Redwood Bank moves into new head office
Redwood Bank has announced that it has moved into its new head office in Hertfordshire...
Paragon Group of Companies to become Paragon Banking Group
The Paragon Group of Companies has announced a strategic reorganisation, which it hopes will accelerate its transformation into a diversified specialist banking institution...
CivilisedBank appoints new CEO
CivilisedBank has appointed Philip Acton as its new CEO to lead the bank through its build phase towards launch in early 2018...
Are new banks attracting the older community?
New banks are not yet doing enough to target older customers, according to one mobile bank...
Fintech company to receive €30m from EIB
The European Investment Bank (EIB) will be providing Swedish fintech company iZettle with €30m in debt funding over the next three years..