Smartphones set to replace visits to bank branches

Research carried out by data analyst CACI has suggested that smartphones are on course to replace bank branch visits.

28 Jun 2017

Research carried out by data analyst CACI has suggested that smartphones are on course to replace bank branch visits.

By 2022, the typical consumer will visit a bank branch just four times a year, according to the research. Currently, consumers visit their local bank branch seven times a year, CACI revealed.

It also found that individuals are increasingly utilising smartphones to carry out bank transactions, with many using apps to view and manage their finances. CACI predicts that contact between consumers and banks will rise, primarily via apps as opposed to branch visits or desktop banking.

In addition, data published by CACI estimates that banking app transactions, such as balance checks and payments, are set to more than double over the next five years.

Jamie Morawiec, Associate Partner at CACI, commented: 'The speed and convenience of mobile banking is a huge contributing factor to its ongoing popularity, especially as banks add more functionality to their apps. Understanding who is using it, and how, is key for banks to ensure it works for everyone.

'Banks and financial institutions must ensure that the function of the branch remains relevant, complements the digital channels and meets the specific needs of the demographics that are using them.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Blue Spire Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com


Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK