Digital banking transactions in the UK have reached nearly £1bn a day, according to a new report, which also notes sharply declining branch use.
Internet and mobile banking is now used for transactions worth £6.4bn a week in Britain, up from £5.8bn last year, the report from the British Bankers Association and accountancy firm EY says.
In response, banks are expected to close unprofitable branches while they invest in mobile and online services. Banking apps for mobile devices have been downloaded more than 14.7 million times – up 2.3 million just since January – while Internet banking services are typically receiving 7 million log-ins each day... (source E&T magazine)
If you're interested in this subject please join us on 31 July at the University of Reading for our next presentation - 'Digital innovation in banking'.