MOBILE banking will overtake the use of high street branches by 2021 — driven by older generations, according to experts.
Data crunchers Caci said growing numbers of smartphone owners are also partly behind the increase.
Mobile banking is expected to overtake the use of high street branches by 2021[/caption]
App banking is set to draw level with people visiting branches at 59 per cent by 2021.
Mobile banking’s growth is being fuelled by the increasing adoption of technology by wealthier older families and those nearing retirement.
The proportion of customers using app banking is expected to continue to rise over the coming years, reaching 71% by 2024.
Meanwhile, the proportion of branch users will steadily decline to 55% by that year, according to the predictions.
Caci said that rather than mobile banking app users giving up using bank branches, the technology is supplementing branch use rather than replacing it.
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It said the decline of branch visitors is modest – and even in five years’ time, more than half of customers will still be visiting branches.
The Growth of Digital Banking 2019 report also said that peer-to-peer lending is attracting new audiences to the savings market.
But UK Finance warned: “Technology is not for everyone — maintaining access to cash is vital.”
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