UK mobile banking transactions double in one year – nearly 40 mil. transactions a week in 2013

Mobile phone banking transactions made by British customers have nearly doubled in a single year. Customers are now making more than 5.7million transactions a day using smart phones and other internet-enabled technology, according to British Banking Association figures.

The findings feature in the BBA’s opening Way We Bank Now study, a series of publications highlighting how Britain is embracing a range of easy-to-use technology that connects banks to their customers more closely than ever before.

The initial report shows that customers of the five biggest retail banks have:
• Downloaded more than 12.4million bank apps
• Used their mobile phones for 18.6million transactions a week in 2013 – up from 9.1million in 2012
• Made nearly 40million mobile and internet transactions a week in 2013
• 28.4million debit and credit cards fitted with contactless technology
• Signed up to receive more than 457.7million SMS balance alerts and other text messages during 2013.

Anthony Browne, Chief Executive of the BBA, said:
“A revolution is underway in how people spend, move and manage their money. This is not just about the phenomenal growth of mobile banking, which has already allowed millions of British customers to make billions of transactions from the palm of their hand.

“Consumers are also rushing to use contactless cards, text alerts and a range of other easy-to-use technology. This is innovation that connects us more strongly to our banks than ever before and gives us greater freedom to handle our money wherever and whenever we please.

“Make no mistake, the branch will remain integral to banking services in the 21st century – especially for those big moments in life such as arranging a mortgage. But the day-to-day use of branches is falling and part of that is because there is a groundswell of people who now find that banking on the move is fast, easy and convenient.”