Mobile banking now more popular than telephone banking with customers
Mobile banking overtook telephone banking in popularity last year, according to figures from a payments trade body. Around 15 million people across the UK used mobile banking in 2014, eclipsing the number managing their finances over the phone for the first time, Payments UK said.
Just under 13.8 million adults used telephone banking in 2014, edging down from more than 13.9 million who did so in 2013. In 2013, just under 8.9 million people across the UK used their mobile phones for banking.
Meanwhile, 33.3 million people used internet banking in 2014, making this the most popular way for people to bank remotely.
Payments UK also said that a record 7.3 billion automated payments were made in the UK in 2014, including payments by Bacs, Direct Debits, Direct Credits and Faster Payments. The number of automated payments increased by 3.6% compared with 2013.
Faster Payments – which processes mobile and internet banking payments in the UK – saw the strongest growth, with 1.1 billion payments processed in 2014, an increase of 14%.
Direct Debits remain the most popular type of automated payment by volume, with 3.7 billion sent in 2014 – an increase of 4%. Seven out of 10 regular household bills were paid by Direct Debit last year.