The digital revolution is underway - Banking - News - Moneyfacts


The digital revolution is underway

The digital revolution is underway

Category: Banking

Updated: 29/07/2015
First Published: 29/07/2015

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 It is now over 6 months old so the content may be out of date.

How do you conduct your everyday banking? Heading to a branch could be a thing of the past – or at least only an occasional occurrence – with research from Halifax showing that the digital revolution is well and truly underway.

Going it alone

The research shows that the growth of digital is completely changing the way that customers bank on a day-to-day basis, but happily, it also seems to be improving engagement. The figures show that the number of customer interactions with the bank during June stood at 69 million, an increase of 47% from the 47 million interactions in June 2014, which can be partly attributed to the growth in mobile banking and smartphone ownership.

In fact, the research found that 66% of internet banking visits now take place on a smartphone, but customers haven't turned their back on tradition completely. The figures went on to reveal that 45% of customers use a combination of online, mobile, telephone and branch banking to service their accounts, suggesting that while convenience plays a part, many still like to have a more tangible service.

However, that doesn't mean that customers always want to speak to someone – one in every two branch visits are now self-service, showing that customers are more than happy to go it alone and take control of their financial affairs.

The figures show that "a growing number of customers want the best of both worlds – the convenience of banking on the move alongside a helping hand from their local branch when they need it," said Nick Williams, digital director at Halifax, and with so much technology at their fingertips, it's no wonder that many are happy to bank on the go.

Are you one of them? It's never been easier to manage your current account, and with most providers offering online banking of some kind, as well as apps, you can bank at a time and place that suits you. Want even more from your provider? Then check out the best current accounts on the market to see if you could nab a better deal.

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 Any products featured may be withdrawn by their provider or changed at any time.

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