New research on changing trends in the UK banking sector and impact of digitalisation on consumers’ banking behaviour has revealed that digital banking transactions are set to be totaling to £12.8bn per week by 2020.
According to a study commissioned by Fiserv, a financial services technology firm, the number of mobile banking users is expected to almost double from 17.8 million to 32.6 million by 2020, whilst the number of UK adults using online banking will increase from 27.7 million to over 35 million.
"Future Trends in UK Banking", a report compiled by the Centre for Economics and Business Research (Cebr), has forecast that the combined growth will see more money being transferred through digital channels, rising to £3.4bn a week via mobile banking apps and £9.4bn a week via online banking.
UK online banking use is estimated to rise significantly by the end of the decade, from 53% of Brits in 2014 to 66% by 2020, revealed the study.
Fiserv chief marketing officer, International Group Travers Clarke-Walker said: "The technological developments allowing for the recent surge in digital banking are also enabling banks and new entrants to reach potential customers more quickly and cost effectively than ever before.
"Banks must be prepared to meet the 24/7 needs of digital banking customers and may risk their reputation if they are not. Still, the advantages for banks to increase their digital capabilities are clear."