21 Apr UK Mobile banking transactions to double to £3.4B per week
The number of mobile banking users in the UK is predicted to rise from 17.8 million to 32.6 million over the next five years.
The research, Future Trends in UK Banking, commissioned by Fiserv and compiled by the Centre for Economics and Business Research, forecast that this combined growth would see significantly more money being transferred through digital channels, rising to £3.4 billion a week via mobile banking apps and £9.4 billion a week via online banking, resulting in a combined total of £12.8 billion every seven days.
Currently, just over a third (34%) of UK adults are estimated to be banking on their mobile. With the increasingly widespread ownership of smartphones and a growing appetite amongst UK adults to access their finances on-the-go, this figure is expected to almost double to 60% by 2020. This projected increase of 14.8 million more mobile banking users over the next half-decade represents a significant opportunity for challenger banks, Fiserv claims, to bring innovative business models to the market and for existing banks to add digital services to cater to this future majority.
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For the full report, see the Fiserv website.
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