
Mobile banking is set to overtake branch use and desktop banking in the next two years, according to the latest research.
The Growth of Digital Banking 2019 report by data expert CACI found that the proportion of customers using mobile banking apps will be higher than the amount using branches and desktop by 2021.
It predicts that by 2024 the proportion of customers using mobile banking apps will reach 71%, while branch users will decline to 55%.
There are now more than five million mobile banking app logins each day.
The report also revealed that more than 75% of new saving accounts are expected to come from online channels by 2024.
Jamie Morawiec, associate partner at CACI, said: “While digital — and mobile in particular — is clearly a frontrunner for the future of banking, there is a huge potential for financial institutions to tap into unexplored markets, such as younger customers who have current accounts, but aren’t necessarily saving yet.
“The increase in popularity of P2P lending — alongside the rise of the challenger banks — will change the landscape for traditional banks.
“To stay tapped into the savings cross-sell, banks must offer a seamless, tech-driven user experience.
“In order to win over these younger savers, a digital proposition should be simple to set up and use in-app, and not require long-term or significant commitment.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
-
Industry reacts to Conservatives winning majority
The Conservatives have successfully won a majority in the 2019 general election, taking 364 seats (with one constituency left to declare) and 43.6% of the vote...
-
Shawbrook appoints Deepak Parekh as senior director of Midlands regional business team
Shawbrook has recruited Deepak Parekh as senior director of its Midlands regional business centre team...
-
Metro Bank launches receipt management app beta trial with Sensibill
Metro Bank is collaborating with Canadian technology firm Sensibill on the beta launch of its app-based receipt management technology...
-
Wyelands Bank appoints board and executive team members
Wyelands Bank has appointed Stephen Rose (pictured above, left), as deputy chief executive officer, and Rachelle Frewer (right), as chief financial officer...
-
Koto set to launch in January with aim to replicate monobank success
Koto is set to launch in the UK in January next year offering fixed-fee lending via an app...
-
What does responsible lending look like?
Lending responsibly is about much more than a bank managing the risk to itself...
-
Starling Bank adds Sparqa Legal as first legal service partner
Starling Bank has added Sparqa Legal as its first legal service partner...
-
OakNorth Bank completes £750,000 deal with Bright Minds Daycare
OakNorth Bank has completed a £750,000 debt finance deal for independent Birmingham-based nursery group Bright Minds Daycare...
-
OakNorth Bank makes several senior hires and opens new Birmingham office
OakNorth Bank has opened an office in Birmingham to support businesses in the Midlands and recruited four new senior hires...
-
The identity challenge: how can banks know who’s who?
Technology has transformed the world of banking, bringing all manner of new services to the table and revolutionising the way that customers manage their finances...
-
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...