Posted on July 8, 2014 by staff

Digital Banking Reaches One Billion Pound A Day


Mobile and internet banking transactions now total almost one billion pounds a day, and almost 6.4 billion pounds a week, according to a new study.

The weekly figure is up from £5.8billion last year, the study by the British Bankers’ Association (BBA) and EY found.

Though the whole proportion of transactions made on mobile phones is unknown, the amount has risen sharply.

The research found that, on average, 15,000 banking apps had been downloaded each day of 2014 – a total of 14.7 million.

However, the report found many customers still preferred internet banking to mobile phones for large transactions.

“While customers like the ease of checking their balance with an app on their phone or tablet, they often use a PC to transfer larger amounts or apply for a mortgage,” it said.

And despite the popularity of internet and phone banking resulting in a sharp fall in day-to-day use of bank branches, the study said they remained important for “big moments” such as when customers took out mortgages, or wanted to assess their financial options.