UK digital banking reaches £1bn a day

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Remember the very, very old days where, if you wanted to get money out of your bank account, you had to walk into a building and conduct a conversation and a physical transaction with an actual human being?

Mobile banking

How those times have changed – most of us now do pretty much all our banking online or at ATMs.

A new report by the British Bankers’ Association and Ernst & Young has revealed that UK customers are using mobile and internet banking for transactions worth nearly £1bn a day.

The study EY found the technology was used for transactions worth £6.4 billion a week, up from £5.8 billion last year.

The Way We Bank Now report also said that banking apps for mobile phones and tablets were now being downloaded at a rate of around 15,000 a day.

The report also forecast spending on contactless cards would rise to £6.1m a week this year from £3.2m in 2013.

BBA chief executive Anthony Browne said the report highlighted how enthusiastically people in the UK were embracing mobile banking, contactless cards and a range of other banking technologies.

“This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom,” Browne saidd.

Stuart O’Connor