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Banking - Analytics Drive Banking Innovations, Better Customer Service

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Future Trends in UK Banking

The number of mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, while the number of UK adults using online banking will increase from 27.7 million to more than 35 million, this report from the Centre for Economics and Business Research (Cebr) reveals.

The report, commissioned by Fiserv, predicts that the proportion of UK adults using mobile banking will grow from 30% to 60% by 2020. While the number of UK adults using online banking is forecast to increase to more than 35 million by 2020, up from 27.7 million in 2014.

Highlights include:

  • The total value being moved through mobile banking apps is expected to double by 2020, increasing from £1.7bn to £3.4bn a week
  • The amount of money being sent per week via online banking is forecast to increase from £6.4bn in 2014 to £9.4bn by 2020
  • U.K. online banking use is projected to rise significantly by the end of the decade, from 53% of Brits in 2014 to 66% by 2020.

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