The act of physically visiting your branch is quickly heading in the same direction as the chequebook. Photograph: Antonio Olmos/The Observer

Banking via an app will become the trend by 2021

Aminy Andawi
Politics & Economic
Economic
Jul 02, 2019
2284
Within two years the online banking apps are set to be more popular than visiting the bank branch in person. The latest forecasts highlighted how technology plays well in the banking industry. Furthermore, according to the analysis by Caci, the number of mobile banking app users will still go up and will arrive at the tipping point by 2021.

It is already very common to see British adults using online banking apps. In 2018, 48% of the British adults have used online banking and according to UK Finance, the number is going up to 41% from the previous year.

The rapid growth of the online banking app users has forces Britain’s largest banks to cut their cost for their physical branches. Two-thirds of Britain’s banks' branches have shut-down over the last 30 years. It is now left 7,586 branches at the end of last year. However, it has become a concern to older or less digital-savvy customers, especially those who live far away from the nearest branch.

According to the UK Finance, the advancement of technology has changed its set to continue over the coming years as people embrace the increasing number of ways to pay and manage their finances based on their lifestyle and needs.

Source: https://www.theguardian.com/business/2019/jul/01/mobile-banking-to-overtake-high-street-branch-visits-in-two-years

Finance , Economy