News Column

Online money transactions hit £1bn per day

July 8, 2014

TIM WALLACE



MOBILE and online banking transaction volumes are close to 1bn per day, the British Bankers' Association (BBA) revealed in a report out today.


That includes 2.6m transactions per day on mobile apps, though customers tend to use computers for major transactions.


Overall, 1.7bn per week is transferred through mobile apps and 6.4bn over other internet channels.


The figure underlines the enthusiasm with which Britons have adopted new technology in banking - as well as the challenges lenders face in keeping up to date with the systems, and struggle with the falls in demand for high street branches.


But the BBA insists branches will always be a major part of banking, noting that 2,274 branches - around one-fifth of Britain's total - have been refurbished in the past two years.


"Branches are becoming the place to ask questions about a mortgage, assess your financial options or simply log-on to the free Wi-Fi," said the report.


"As a result, more of the space within a branch is now dedicated to meeting rooms and places where it's possible to have a discreet and comfortable conversation."


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Source: City A.M. (UK)


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