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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...