Britain’s £1 billion-a-day digital banking revolution

Released Tuesday, the second Way We Bank Now report by the British Bankers’ Association (BBA) and EY found that millions of customers are using contactless cards, payment by mobile and SMS balance alerts.

In 2014 the rate of adoption of digital banking has grown strongly with more than 15,000 people downloading banking apps a day.

Internet and mobile banking is now used for transactions worth £6.4 billion a week – up from £5.8 billion last year.

“This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies,” BBA chief executive Anthony Browne said.

“The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank,” Mr Browne said.

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

“It’s a revolution putting more power in your hands.”

The British public’s adoption of digital banking has reached critical mass this year and it is believed that the UK has a unique opportunity to achieve a leading position in digital banking, EY partner, digital financial services, Tariq Khatri said.

“Our fintech and banking industries are some of the most advanced in the world,” Mr Khatri said.

“If supported by the right policy and regulatory environment, the IP created in building better digital banking for UK consumers could cement the UK’s position as a leader in financial services, supporting jobs and British industry.”