The management of online banking account via App it’s increasingly widespread: the UK numbers

The management of online banking account via App it’s increasingly widespread: the UK numbers

A recently broadcasting station BBC’s project highlights that in 2019 always more users will be able to manage their online bank accounts by phone.

If it is true that during the last year, 22 million people managed their bank accounts over the phone, the forecasts estimate that 35 million people will use a smartphone app to perform banking operations by 2023. We are talking about 72% of the adult population of the United Kingdom.

The report creator, Jamie Morawiec, says “with more functionality, mobile is rapidly becoming the preferred digital channel and replaces traditional online banking for many customers.”while Internet access numbers are decreasing like the numbers of users. Probably, mobile banking will surpass Internet banking in terms of users in 2019 “.

What will be the consequences of this change?

  • customers will visit the branches at most twice a year
  • rural areas and smaller coastal towns will witness the largest increase of mobile users from now to 2023. It will be due to the frustration resulting from the difficult access to the broadband connection, that drives customers to mobile networks.
  • banks will have to review the position and the number of branches again

The one of physical branches closure is a trend already in place in many countries; let’s see the current situation. The main banks in the United Kingdom have closed hundreds of branches during the last years, with additional plans announced recently. At the beginning of May 2018 the Royal Bank of Scotland announced the closure of 162 branches in England and Wales.

Approximately 109 branches closed at the end of July and August 2018, while other 53 branches will close in November 2018. These branch closures follow existing plans to close 52 bank branches in Scotland, which is currently serving rural communities and 197 NatWest branches. Lloyds has also recently announced its intention to close 49 branches.

If you are interested in opening an online bank account easy to manage via mobile, do not hesitate to contact our experts.