Banking on smartphones is predicted to overtake high street branches within just two years

Banking on smartphones is predicted to overtake high street branches within just two years

Banking on smartphones is set to overtake high street branches within two years Banking on smartphones is set to overtake high street branches

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Banking on smartphones is set to overtake high street branches within two years

Banking on smartphones is set to overtake high street branches within two years

Banking on smartphones is set to overtake high street branches within two years

Banking on smartphones is set to overtake high street branches within two years.

At present, 65 per cent of us visit bricks-and-mortar banks. 

But technology consultants CACI forecasts that by 2021 this will have fallen so far that banking apps, currently used by half of us, take the lead.

The shift appears inevitable after heavy investment in mobile technology and, more importantly, the loss of thousands of bank branches. 

The biggest lenders have shut around 13,000 in the past 30 years, leaving many towns and villages with no bank at all. 

Gareth Shaw of Which? warned there ‘is still widespread appetite for bank branches that provide the full range of services’, and called on the Government to ‘explore all options – including legislation’ to protect access to cash.

CACI predicts that mobile banking will rise above 60 per cent in 2021, reaching 71 per cent in 2024 – when it forecasts just 55 per cent of the public will still visit bank branches.

The biggest lenders have shut around 13,000 branches in the past 30 years, leaving many towns and villages with no bank at al

The biggest lenders have shut around 13,000 branches in the past 30 years, leaving many towns and villages with no bank at al

The biggest lenders have shut around 13,000 branches in the past 30 years, leaving many towns and villages with no bank at al

Jamie Morawiec, associate partner at CACI and author of the report, said: ‘While digital – and mobile in particular – is clearly a front-runner for the future of banking, there is a huge potential for financial institutions to tap into unexplored markets such as younger customers who have current accounts but aren’t necessarily saving yet.

‘The increase in popularity of peer-to-peer lending, alongside the rise of the challenger banks, will change the landscape for traditional banks.

‘To stay tapped into the savings cross-sell, banks must offer a seamless, tech-driven user experience.’

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