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British Banking Association reports on Britain's banking 'revolution'
Contactless cards, payment by mobile and SMS balance alerts are just some of the mobile and Internet banking features that the British public is adopting in what is being dubbed a banking revolution.
Nearly £1 billion a day (US$1.7 billion) is being transacted via mobile and Internet banking in the UK, according to the British Banking Association's latest 'Way We Bank Now' report. New technology has given Brits the ability to take more control over how they manage and spend their money.
Banking apps for smartphones and tablets are being downloaded at a rate of around 15,000 per day and have reached 14.7 billion, 2.3 billion of which have occurred since January 2014.
Calling the new banking behavior a 'revolution', chief executive of the British Banking Association, Anthony Browne, says the report reveals how enthusiastically the British public are embracing new banking technologies.
"The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank," he said in a recent press release.
Other key findings from the report include:
- Internet and mobile banking transactions are now worth £6.4 billion a week (US$10.9 billion) - up from £5.8 billion (US$9.9 billion) last year;
- Internet banking receives, on average, 7 million log-ins per day;
- Contactless card use has risen significantly to £6.1 million (US$10.4 billion) a week in 2014, up from £3.2 million (US$5.4 billion) last year;
- Despite decreasing physical branch use, more than 2,000 bank branches have been refurbished in the past two years illustrating banks' commitment to high street outlets.
Earlier this year, Forrester forecasted that banking on tablets is set to overtake banking on smartphones. The key reasons behind the move from smartphones to tablets is the increased availability of banking apps and fewer security concerns among tablet users compared with smartphone users.
In particular, Forrester says consumers are unlikely to ever trust banking on a smartphone as much as desktop or tablet banking because use of the latter two devices is usually restricted to within the home and therefore rarely likely to be lost or stolen and fall into the wrong hands.
Image via Shutterstock
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