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Digital Banking Transactions Reach £1bn in the UK

According to research from the British Bankers Association, British people are making online and mobile banking transactions worth almost £1bn a day.

The findings revealed that just 16% of consumers have never used online or mobile banking and on average over 15,000 people in 2014 downloaded banking apps every day. The research also found online banking services receive about 7 million logins on a typical day.

In 2014 £6.1m is expected to be spent every week through the use of contactless payment.

Despite the huge increase in online transactions, banks are still committed to a high-street presence - 2,274 branches have been refurbished in the past two years.

Anthony Browne, CEO of the British Bankers Association said: "The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank.

"This study shows banks will continue to compete against one another to offer customers innovative technology to win your custom. It's a revolution putting more power in your hands."

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