British consumers are adopting mobile banking at an incredibly rapid rate, according to the second edition of the “Way We Bank Now” survey – a joint production of the British banking lobby group and Ernst & Young – reports Finextra. Mobile and Internet banking is now used in almost £1 billion worth of ($1.7B) transactions per day in the U.K.
The study further notes that banking apps for phone and tablets have been downloaded almost 15 million times – a 2.3 million rise since January of this year.
As mobile is growing, and is forecasted to continue to grow to as much as 50 percent of all transactions, some banks are trying to tap in, as footfall to local branches seem to be falling in direct proportion to mobile growth.
The Royal Bank of Scotland last month unveiled plans to spend over $1.7 billion over the next three years to recreate its retail banking business, with investment in digital channels as the primary focus.
Bankers, despite falling numbers, seem to remain optimistic as to their long-term viability.
“While the size of these networks will decline,” says the report, “high street outlets will remain important for those bigger moments, such as when a customer takes out a mortgage, wants to assess their financial options or resolve a complaint.”
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