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The Growth of Digital Banking

The Growth of Digital Banking

 

Consumers are shown to be very happy using digital banking services in research carried out by the British Bankers Association and accountancy firm EY. The research shows that Britons are using Internet and mobile banking services more than ever and that the transactions made in a day using these services is almost £1 billion!

Seven million log ins to Internet banking are made each day which shows just how much consumers are now relying on this service to keep up to date with their banking. Internet and mobile transactions are now worth £6.4 billion per week which is a big jump up from the £5.8 billion worth of transactions seen per week in 2013. There has also been a huge increase in the number of banking mobile apps being downloaded, a total of 14.7 million which is up by 2.3 million since January! Consumers were also found to be happy to carry out small transactions and balance checks on their mobile phones but prefer to use their PC or laptop for large transactions or to apply for a mortgage.

Another recent digital banking development which has proved to be very popular is the use of contactless cards. Contactless cards use radio frequency identification for making secure payments of under £20 per transaction. No PIN or signature is required which can make contactless card payments twice as fast as other methods of card payment. £3.2 million was spent on contactless cards per week in 2013 and this is expected to rise to £6.1 million per week in 2014.

This increase in the use of digital banking has seen a decline in the use of local bank branches which has worried some small communities who have concerns that their local branch may close. The British Bankers Association has stated that they understand how important bank branches are and that they still play a big part in today’s banking. In fact, 2274 bank branches were refurbished in the past two years which shows a commitment to keeping them up to date and available for consumers to use.

By Sasha Davison

 

 

8th July 2014


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