Mobile banking overtaking branch use in UK

Britons are expected to bank on smartphones and mobile devices more than all other channels combined within five years after a fourfold increase in weekly mobile activity in the past year.

Current account customers are predicted to use their mobile devices more than internet, branch and telephone banking combined by 2020, according to a report released yesterday by Britain’s banking lobby group.

British bank customers were already logging on via mobile devices 73.8m times a week by the end of March, up from 18.6m times a year earlier and 9.1m times in 2013, said the report by the British Bankers’ Association and consultancy firm EY.