Mobile banking to overtake branch use by 2021

Mobile banking is set to overtake branch use in the next two years, as a boom in the fintech sector drives an increasing number of customers to digital formats.

Research by data consultancy CACI revealed 25m customers, or almost half the UK’s adult population, are currently banking on mobile formats. But this figure is set to rise further in the coming years, with mobile expected to surge past branches and desktop banking to become the most commonly-used banking channel for the majority of UK adults by 2021.

The findings highlight the growing popularity of digital banking, which has been pioneered by fintech challengers such as Monzo, Revolut and Starling.

Mobile savings accounts are set to become the latest battleground in the war between traditional banks and their younger rivals, according to the report, with more than 75% of new savings accounts expected to come from online channels by 2024.

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