Customers are increasingly preferring to use mobile banking apps to manage their cash “on the go” over banks’ websites, a report has found.
Mobile banking apps are being used around 7,610 times a minute as part of a “revolution” in the way people are monitoring their money, according to the British Bankers’ Association (BBA).
Its Way We Bank Now report, which charts changing customer habits, said there were 347 million payments made using mobile apps in 2015 - up 54% on the previous year.
By contrast, the number of payments made using internet banking was up by just 2% in 2015 compared with 2014, with 417 million payments.
New figures in the report show mobile banking apps are increasingly preferred to banks’ websites, reflecting the trend of people using their phone to manage their cash while they are out and about rather than sitting at a computer.
Internet banking logins fell slightly last year - at 4.3 million a day in 2015 compared with 4.4 million in 2014 as more customers migrated to apps.
Mobile device apps were used 11 million times a day in 2015, up from seven million a day in 2014 - equating to around 7,610 times a minute.
More than 13.8 million apps were downloaded in 2015 - a 25% increase on 2014.
BBA CEO Anthony Browne said the figures showed a “staggering increase” in people using mobile apps.
“You can set up standing orders while standing in the queue for the bus and check your balance while checking in at the airport.
“The choice now on offer from banks, from state-of-the-art branches to cutting edge apps, has put customers firmly in the driving seat on the way we bank.”