Online Banking: £1billion In Transfers A Day


Light-Blue-Increasing-ArrowCustomers thrive off the ability to check their bank balance with ease via an app on their smartphone or tablet, although generally prefer to use a PC in order to make large money transfers or do things mortgage related due to increased speed and security. But how has banking changed over the years?

Mobile phone and internet banking has nearly hit £1billion a day. Transactions reached £5.8billion a week last year and have now escalated to £6.4billion. A comparison between the proportion of mobile phones to PCs used has not been revealed although it has been announced that 15,000 mobile banking apps are downloaded each day this year. To date, there have been 14.7million banking app downloads; an increase of 2.3million since January.

Due to this online popularity, in-store branches have hit a decline in popularity although still have their uses. Whether it be discussing mortgages, assessing financial options or withdrawing cash if they don’t have a debt or credit card, bank branches will almost always have their uses… or at least until another device, machine or robot is built to replace the banks too.

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