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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. 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. The report also forecast spending on contactless cards would rise to 6.1 million pounds a week this year from 3.2 million in 2013.

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