MOBILE banking will overtake the use of high street branches by 2021 — driven by older generations, according to experts.
Data crunchers Caci said growing numbers of smartphone owners are also partly behind the increase.
1 Mobile banking is expected to overtake the use of high street branches by 2021Credit: Getty – Contributor
App banking is set to draw level with people visiting branches at 59 per cent by 2021.
Mobile banking’s growth is being fuelled by the increasing adoption of technology by wealthier older families and those nearing retirement.
The proportion of customers using app banking is expected to continue to rise over the coming years, reaching 71% by 2024.
Meanwhile, the proportion of branch users will steadily decline to 55% by that year, according to the predictions.
Caci said that rather than mobile banking app users giving up using bank branches, the technology is supplementing branch use rather than replacing it.
URGENT RECALL Iceland recalls crispy chicken dippers as they might contain plastic HOME HELL The myth two-thirds of homebuyers fall for that could cost you HUNDREDS of pounds SCAM ALERT Police warn about ‘worst scam ever’ over letters saying bank cards could combust POWER UP Lidl has launched a range of power tools that are perfect for sorting the garden HIGH STREET WOE Boots confirms plans to axe 200 UK stores over the next 18 months BEG BORROW STEAL ‘I stole sugar from McDonald’s as Universal Credit wait left me penniless’
It said the decline of branch visitors is modest – and even in five years’ time, more than half of customers will still be visiting branches.
The Growth of Digital Banking 2019 report also said that peer-to-peer lending is attracting new audiences to the savings market.
But UK Finance warned: “Technology is not for everyone — maintaining access to cash is vital.”
Barclays mobile banking AND Barclaycard app crash on payday