The way we bank has changed significantly in recent years, with technology having a huge impact. It is therefore no surprise to learn that banking through smartphones is now the number one way that people manage their finances.
This is according to a new study from the British Bankers Association (BBA) and EY, which found that mobile banking via handheld devices is the most popular way to bank, ahead of visiting branches and using the internet (i.e. people are using apps).
The paper, titled the Way We Bank Now, estimates that in 2015, banking customers will check their finances via mobile apps 895 million times. This is compared to 705 million branch interactions in the same year.
By 2020, they forecast that people will use their mobile devices to look at their finances 2.3 billion times.
Anthony Browne, chief executive of the BBA, said that technology is modifying the way we live and the impact it has had on banking “is no different”.
“It is now easier than ever for us to check our balances, pay our friends and manage our money,” he explained.
“The rapid take up of apps and mobile banking appears to be a real game changer for the British public.
“Our report shows that there is much to look forward to. Biometric security features will allow us to get hold of our money faster and without going through the rigmarole of passwords and PIN codes.”
The report showed that by the end of the first quarter, there were 9.6 million log-ins to internet banking a day, which represents a ten per cent increase on the year before.
Banking apps are an easy, intuitive and handy way to manage cash and people find it much easier to look after their finances this way.
Not only can they regularly check their incomings and outgoings, they can pay bills, transfer money between accounts and download data to pick up on their spending habits.