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Mobile banking gets a boost

Mobile banking gets a boost

Category: Banking

Updated: 23/12/2015
First Published: 23/12/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

For many people, online banking has become a core part of money management. It's a near-daily activity to ensure that budgets are stuck to and no rogue pounds have slipped away unnoticed, and it can be particularly useful at this time of year. In fact, research from Halifax has revealed that mobile banking activity continues to rise, with clear spikes during the biggest shopping days of the year.

The figures, from the latest Halifax Digital Dashboard, show that Cyber Monday, Black Friday and the Friday before the August Bank Holiday were the busiest days for mobile banking so far this year – and they were also key shopping days.

Looking closer at the figures shows that customers made 1.84 million mobile visits to their online banking on Black Friday, while during Cyber Monday there were 1.81 million visits. On 28 August there were over 1.7 million visits, arguably as customers checked their finances ahead of the long weekend.

This is the second year in a row that Black Friday saw a significant spike in transactions, and it's set to be the single biggest shopping day for 2015. People certainly spent a lot of money – total Black Friday transactions across Halifax credit and debit cards neared 15 million (up around 1 million, or 7% from 2014), and that's just one provider! Across the whole Black Friday/Cyber Monday weekend, customers made almost 50 million transactions, averaging around 35,000 payments a minute.

"Our latest Digital Dashboard confirms that an increasing number of Halifax customers are finding mobile banking suits their lifestyles and makes it easier for them to keep track of their finances, and move money, wherever they may be," said Nick Williams of Halifax.

"As we head into one of the busiest and often most expensive times of the year, the convenience of mobile will no doubt continue and in the long term we expect mobile banking to grow further – outstripping both desktop and tablet usage – as customers appreciate the convenience of having their bank in their pocket."

What next?

If your bank doesn't offer the convenience of mobile banking, compare current account alternatives to see if you can find one that better suits your lifestyle.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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