Digital banking transactions reach £1 billion a day

Digital banking transactions reach £1 billion a day

Mobile and online banking transactions have now hit £1bn each day, according to recent research from the British Bankers' Association and EY.

The Way We Bank Now: It’s in your hands report revealed how transactions are now reaching £6.4bn each week, up from £5.8bn in 2013.

It reported that 15,000 banking apps were downloaded, on average, each day this year, totalling 14.7m downloads.

The report also drew attention to recent innovation in banking such as cheque imaging and the new payments platform Paym. High street outlets will still remain important for the bigger moments, such as when a customer 'takes out a mortgage, wants to assess their financial options or resolve a complaint,' the report said.

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

The way we bank now has made it a lot easier for us to 'keep track of our finances', with more options about how we spend our money and communicate with banks, he added.

'This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom. It’s a revolution putting more power in your hands.'

Commenting on the findings, Tariq Khatri, EY partner for Digital Financial Services, said, 'The British public's adoption of digital banking has reached critical mass this year and we believe the UK has a unique opportunity to achieve a leading position in digital banking.'

He believes that the UK's fintech and banking industries are some of the most advanced in the world. '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,' he said.

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