Online banking: a new normal for banking in the UK
Updated: Apr 3
In the UK, the use of online banking is increasing significantly and mobile bank has become the new normal.
Banking and financial services are typically among the first industries to embrace technological advances; starting as far back in time as the appearance of automated teller machines (ATMs) and credit cards. Ever since the first secure Internet systems for financial operations became available on a large scale, accessing of one's bank account online to carry out transactions, pay off credit cards, establish credit lines or invest savings became one of the fastest growing areas of Internet activities.
It is predicted that 35 million people - or 72% of the UK adult population - will bank via a phone app by 2023.
In terms of device use for online banking, the smartphone is the preferred method. Further digital banking advancements joined online banking solution in recent years: the current growth is noted in the areas of mobile banking, mobile banking apps, digital wallet and fintech solutions directed to individual users.
Mobile banking is set to be more popular than visiting a high street bank branch within two years, according to new forecasts, highlighting how technology is transforming the way Brits bank.
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