By Kate Brown
According to forecasts, by 2023 more customers will bank using apps on their mobile devices than online on computers. It has been predicted that as many as 35 million people (72% of the UK adult population) will be using mobile app banking.
Industry analyst, CACI, reported 22 million people managed their current account using a mobile banking app and a decrease in the number of internet-log-ons for banking. Coastal towns and rural areas will observe the largest increase in banking app users between now and 2023. After which, it has been predicted that customers will typically visit their banking branch once or twice a year.
Report author, Jamie Morawiec, explains the transition to mobile app banking: “With so much more functionality, mobile is rapidly becoming the digital channel of choice, and replacing traditional online banking for many customers”.
As a result of the predictions, banks may begin to review the number of branches they have and their locations. Major UK banks have already announced branch closures. The most recent of which was announced in May 2018, when RBS said it would shut 162 branches across England and Wales.
RBS announces it will close 162 branches across England and Wales
Big change in the banking industry
Super-fast 5G could be available as soon as 2019