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Mobile banking to overtake branch banking in 2 years

A new study has forecast that mobile banking will become more popular than visiting a high street bank branch within 2 years. According to an analysis by consultancy firm Caci, the tipping point will arrive in 2021 when the number of customers regularly using branches will be overtaken by those using apps. Another study, specific to the UK by UK Finance, found that mobile and internet banking is already widespread in the UK and over two-thirds of British adults used online banking and 48% used mobile banking in 2018 – up from 41% in the previous year. It is expected that 71% of customers are expected to use mobile apps for banking by 2024. Over the same period, the number of customers who bank in branches is expected to decline to 55%. Britain’s banks have closed two-thirds of their branches over the last 30 years, according to Which?. There were more than 20,500 branches in the UK in 1988, but just 7586 at the end of last year.

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