Moreover, British are embracing mobile banking, with payments via apps increasing 54% in 2015 and reaching a value of GBP 347m, according to heguardian.com. Average customers of certain UK banks view their finances on their phone more than once a day. Research by TSB found that 45% of mobile or internet banking was carried out while the customers were in front of a TV; about 18% was done at work, 17% in bed and 11% while commuting.
Customers use banking apps more than 7,610 times a minute to check their account balance, to make payments, or to apply for a personal loan or credit card or manage an overdraft while on the move. Apps are increasingly preferred to banks’ websites, according to BBA figures, noting that internet banking logins fell in number slightly in 2015. Checking an account balance via a mobile app might take three seconds rather than the 30 seconds necessary to log in to internet banking.
More than 40,000 of these mobile applications were downloaded a day in 2015 – up 25% on the year before – while the number of logins to banking apps leapt 50% to reach almost 11m a day.
The studies show that people use mobile apps because it is easier to interact with your bank. However, it seems that when it comes to more complex transactions, many people still prefer the personal touch provided by a bank branch, or at the very least, online banking via a computer.
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