Powered by MOMENTUM MEDIA
subscribe to our newsletter

Britain’s £1 billion-a-day digital banking revolution

Mobile and internet banking in the UK is now being used for transactions worth nearly £1 billion a day.

Released Tuesday, the second Way We Bank Now report by the British Bankers’ Association (BBA) and EY found that millions of customers are using contactless cards, payment by mobile and SMS balance alerts.

In 2014 the rate of adoption of digital banking has grown strongly with more than 15,000 people downloading banking apps a day.

Internet and mobile banking is now used for transactions worth £6.4 billion a week – up from £5.8 billion last year.

“This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies,” BBA chief executive Anthony Browne said.

Advertisement
Advertisement

“The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank,” Mr Browne said.

“This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom,” he said.

“It’s a revolution putting more power in your hands.”

The British public’s adoption of digital banking has reached critical mass this year and it is believed that the UK has a unique opportunity to achieve a leading position in digital banking, EY partner, digital financial services, Tariq Khatri said.

“Our fintech and banking industries are some of the most advanced in the world,” Mr Khatri said.

PROMOTED CONTENT


“If supported by the right policy and regulatory environment, the IP created in building better digital banking for UK consumers could cement the UK’s position as a leader in financial services, supporting jobs and British industry.”

 

Britain’s £1 billion-a-day digital banking revolution
mortgagebusiness

Latest News

Risks to financial stability could be building as house prices and debt levels keep rising, the Reserve Bank has cautioned. ...

The big four bank has unveiled its response to past regulatory issues, a program meant to improve its risk management and accountability.  ...

The proposed acquisition of Westpac PNG and Westpac Fiji by Kina will no longer proceed, it has been confirmed. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.