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Banking by app to overtake online by 2019
More consumers will bank via their app than online by next year, according to industry analysts CACI.
The tech firm’s report ‘The Future of Digital Banking’ predicts that mobile banking will continue to grow at an incredible rate, to the point where they are expecting there to be 35 million mobile users in 2023, which is 72% of the UK adult population.
Younger individuals were the early adopters, and generated the majority of the initial mobile growth. These groups were quickly joined by middle-aged and family demographics, particularly those with above-average income, who over the last two or three years have shown the most dramatic levels of migration.“With so much more functionality, mobile is rapidly becoming the digital channel of choice, and replacing traditional online banking for many customers," says report author Jamie Morawiec. "Whilst the number of internet log-ons is decreasing, so are the numbers of users. In fact, CACI predicts that 2019 will be the year in which mobile banking overtakes internet banking in terms of users.