Some 38pc of the adult UK population used a banking app in 2016 as the number of people turning to their smartphones to manage their personal finances climbed by 11pc on the year to more than 19.6m, a report by the British Bankers’ Association (BBA) and accountancy giant EY has found.
The number of app transactions leapt by 57pc to 932m, equating to 30 each second, the BBA and EY said. Apps were mainly used to check account balances, but were also increasingly used to check statement entries, transfer money between accounts and pay bills… More at The Telegraph.
I can’t remember the last time I visited my local bank branch. There are no doubt many concerns about security and money has to be poured into new technologies, but I suspect the banks are raking it in compared to having to employ so many staff in thousands of branches.
Strangely we are not seeing the benefits of that.