Chris Skinner's blog

Shaping the future of finance

The way we bank is radically changing too

Chris Skinner Author Avatar
by

The British Bankers’ Association released their The Way We Bank annual report last Thursday. It was interesting. Here are the key highlights:

  • Over the past five years customers’ activity on banking apps rocketed by 354%, with apps now an increasingly popular way to access current accounts rising from 21% of access in 2012 to 61% by the start of 2017.
  • There are almost 20 million users of mobile banking across the UK in 2016, making 159 logins every second.
  • People are increasingly using banking apps to access a broader range of services such as savings, credit cards and mortgage/investments accounts, rising by 30%.
  • There were 4.4 million customer-to-bank contacts made using web chat in 2016 – 510 every hour.
  • Video chats are also growing in popularity, up 92% during 2016. 434 million text alerts helped customers track their spending and be better informed about their bank balance.
  • Nearly two-thirds of cards are now contactless. Transaction volumes and spending soared by 174% and 225% respectively during the year. With more than 450,000 contactless terminals now spread across retailers from pubs to supermarkets across the UK, 2016 might be seen as the year a quick ‘touch’ on a card reader started to replace notes and coins altogether.

New technology is transforming the way that we handle our finances, from apps which turn our mobiles into a bank branch, to text alerts, cheque-imaging, biometric identification and contactless cards. ‘Banks on wheels’ physical mobile branches are helping some customers in rural communities get better bank access. These changes have empowered customers in the way they choose to manage their finances.

Greater choice in communication is also creating new, easier and faster interactions between customers and their banks. People can now access a range of services on their sofa, on the go or at work.

These innovations are helping us to manage our finances more easily. Whether we want to visit our local bank branch, use a mobile or internet-bank, there are more ways we can now choose to access and manage our money than ever before.

You can download the full report or listen to a summary from the Steve Wright show on BBC Radio 2 by clicking below.

[audio m4a="https://finansernextjs.wpengine.com/wp-content/uploads/2017/06/Banks-BBC.m4a"][/audio]

Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money: Our Future Is Where We Do Not Think About Money, As Our Money Thinks For Us

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Order now

Chris Skinner’s ‘Intelligent Money’ Book Launch Event

Top 50 Global Thought Leaders and Influencers on Finance 2024

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award

TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD!

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser