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As Britons embrace digital banking, more branches face the chop

08
Jul
2014

By Matt Scuffham LONDON (Reuters) – Britons are using Internet and mobile banking for transactions worth nearly 1 billion pounds ($1.7 billion) a day and branch use is falling sharply, according to the British Bankers Association and accountancy firm EY [ERNY.UL]. Internet and mobile banking is now used for transactions worth 6.4 billion pounds a week in Britain, up from 5.8 billion last year, the report showed. Banking apps for mobile devices have been downloaded more than 14.7 million times – up 2.3 million just since January – while Internet banking services are typically receiving 7 million log-ins each day. Royal Bank of Scotland said last month it was inevitable that it would close more of its 1,900 branches after branch transactions fell by 30 percent over the past 3 years.

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