Posted by AdviserDirect on 07/02/2019

Mobile banking to overtake high street branch visits in two years

Mobile banking to overtake high street branch visits in two years

Mobile banking is set to be more popular than visiting a high street bank branch within two years, according to new forecasts, highlighting how technology is transforming the way Brits bank.

The tipping point will arrive in 2021, according to analysis by the consultancy Caci, when the number of customers regularly using branches will be overtaken by those using apps.

Mobile and internet banking is already widespread in the UK. Over two-thirds of British adults used online banking and 48% used mobile banking in 2018 – up from 41% in the previous year, according to figures by UK Finance, the banking industry lobby group.

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