Image Source: Hamza Butt
Rebecca Wayman

How mobile banking could replace online completely by 2023

From as early as next year, it is predicted that more consumers will use apps on their smartphone to do their banking - opposed to using a computer.

In 2017, industry analyst CACI reported that 22 million people managed their current account on their phone.

It has predicted that 35 million people (72 per cent of the UK adult population) will bank via a phone app by 2023. By then, it is estimated that customers will typically visit a branch biannually.

CACI added that rural areas and smaller coastal towns would see the biggest increase in mobile users between now and 2023. This can be largely due to the lack of broadband access, pushing customers towards mobile networks.

The report’s author, Jamie Morawiec, said: “With so much more functionality, mobile is rapidly becoming the digital channel of choice, replacing traditional online banking for many customers.

“Whilst the number of internet log-ons is decreasing, so are the numbers of users. In fact, CACI predicts that 2019 will be the year in which mobile banking overtakes Internet banking in terms of users.”

With this news comes the fact that several more bank branches across the country will start to close for good.

Banks have been closing hundreds of branches in the past few years. For instance this month, Royal Bank of Scotland announced it was to close 162 branches across England and Wales.

Around 109 branches will close in late July and August 2018, while a further 53 branches will close this November.

The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →

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