Online banking transactions near £1 billion a day - Banking - News - Moneyfacts

News

Online banking transactions near £1 billion a day

Online banking transactions near £1 billion a day

Category: Banking

Updated: 09/07/2014
First Published: 09/07/2014

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 It is now over 6 months old so the content may be out of date.

These days a lot of us are glued to our smartphones, tablets and various other mobile devices, be it for social reasons, information or simply to stay connected. In fact, a lot of people carry out their day-to-day activities using the wonders of digital technology, and it seems that mobile banking is definitely on the rise.

According to a report published by the British Bankers' Association (BBA) and EY, the value of digital banking transactions amounts to nearly £1 billion a day, or a whopping £6.4 billion a week - a noticeable increase on the £5.8 billion weekly total recorded last year. When you think about it, it's not surprising – online banking facilities have made it easier than ever to send payments or pay bills, with a few clicks being all you need to see money winging its way out of your account.

The rise of banking apps has no doubt had a part to play. In total, banking apps have been downloaded some 14.7 million times with approximately 15,000 customers downloading an app each day, and internet banking services receive an average of 7 million log-ins daily. New technologies such as Paym could arguably lead to an even bigger surge – this handy little development allows people to send money to a different account using only a mobile phone number, with no fiddly account numbers and sort codes required.

And what about contactless payments? A lot of credit and debit cards offer this service these days, letting customers pay at the till in seconds. This method of payment has witnessed a substantial increase too, with spending on contactless cards expected to reach £6.1 million a week this year - up from £3.2 million per week in 2013 – and its convenience and growing appeal could well lead to even higher figures being achieved in the not-too-distant future.

Anthony Browne, CEO of BBA, commented: "This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies. The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank."

It can't be denied that it's a positive thing. Who wouldn't like the chance to take control of their finances using a device that can be held in the palm of their hand? Long working hours and frequent reports of banks closing branches means it isn't always possible to get the full high street banking service, so it's no wonder alternatives are coming into the foreground.

Ultimately, banking providers are giving customers what they want, as Anthony Browne concludes: "This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win their custom."

So, are you getting what you need from your bank account? Hopefully you've got the option to access a range of mobile banking services, but if you don't – or if you're not happy with your bank for any other reason – it could be time to switch. Happily it's never been easier to do so, as the Switch Guarantee means you can swap bank accounts in seven days or less, and you'll be compensated should anything go financially awry. Use our handy comparison tables to find an account that's right for you, and see how easy it can be to be part of the digital banking revolution.

What Next?

Compare the best bank accounts in our search

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.

Related Articles

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close