Flexibility is the main driving force behind a recent surge in the popularity of mobile banking, according to one expert.
Anthony Browne, the chief executive of the British Bankers’ Association (BBA), says that consumers’ new ability to complete banking tasks at times that suit them has revolutionised the way people deal with their money.
Data released this week by the BBA shows that 5.7 million mobile transactions are completed each day, with balance checks, bill payments and loan applications all common activities.
Despite this significant growth, Mr Browne says that bricks-and-mortar branches are far from dead. He was quoted by nationalheadlines.co.uk as saying: “They [branches] are an integral part of the industry. They will be more focused on the big decisions – taking out a mortgage, taking out a big business loan, where you need to have a face-to-face interaction.”
According to researchers from Nottingham University, 40 per cent of the UK’s banks and building societies have closed in the last 25 years, with phone and internet banking playing big parts in the decline.
The popularity of mobile banking has also been driven by payment applications and a thriving m-commerce sector. According to bbc.co.uk, Brits will soon have access to Paym, a new mobile payment system being developed by a number of firms from the UK banking sector.