Customers Logged Into Mobile Banking Apps 5.5 Billion Times In 2017
The way people are banking is changing, with digital innovation leading the way when it comes to consumer habits. Latest research from UK Finance shows that people are embracing new technology, which is reshaping customers’ 24/7 banking experience.
Britons are increasingly turning to their smartphones for banking services, with 22 million using a banking app in 2017, up from 19.6 million in the previous year. And they’re not just using mobile apps to check their balances; data shows that 51% of users are paying bills, 62% transfer money to friends and over 27% use apps to set up standing orders.
Figures show that customers logged into mobile banking apps 5.5 billion times in 2017, a 13% increase from 2016, with an estimated annual average of 275 log-ins per customer. There were also over 5.5 million client web chats in 2017 – the equivalent of 622 per hour – a 24% increase on the previous year.
In the past, customers would have visited a bank in person to carry out all of their personal banking needs. But with the closure of many High Street banks, the dawn of digital innovation and social media networks, such as Twitter, Facebook messenger and WhatsApp, banks are having to move with the times and develop new ways of engaging with their customers and embracing online technology.
That means: new call technology, live chat options, voice activation technology, data analytics, video banking, Artificial Intelligence, virtual assistants and online mortgage application services running alongside pop-up, micro and mobile branches. As customers demand more accessibility and 24/7 services outside of conventional bank branch hours, technology will become even more important for banks that want to stay ahead of the game.
Stephen Jones, Chief Executive of UK Finance said, "Technology is changing the way we communicate, work and shop and, as a result, the way we choose to manage our money. The industry has responded to this seismic social change, which is very much led by customers looking to make the most of digital innovation for convenience. The assumption that British consumers shy away from talking about money looks to be consigned to the last century, as web chats and video banking prove increasingly popular. And with over 22 million British customers having downloaded banking apps, this trend is not going away.
"It doesn’t stop there however. Banks are looking at analytics, the Internet of Things (IoT), virtual assistants and other technologies, as customers’ desire for convenience drives a shift towards an increasingly digital world. Over the next few years Open Banking and Artificial Intelligence will change the relationship we have, not only with our banks but also how we fundamentally access and utilise financial products and services."
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