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From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Internet banking surges by nearly 40% in just four years
Customers use these services almost 800,000 times an hour
Customers of Britain’s high street banks used internet banking nearly 7 billion times in 2013, according to industry statistics compiled by the BBA.
The figures, published in the BBA’s 2013 Abstract of Banking Statistics, provide further evidence of the seismic change in the way millions of customers manage their finances.
In all, there were 6.9 billion customer instructions using personal computers during 2013 – up from 5 billion in 2009. This number includes:
Richard Woolhouse, the BBA’s Chief Economist, said:
“These figures provide more evidence of the ongoing revolution in the way millions of us spend, move and manage our money.
“There are clear productivity gains for our economy from internet banking. Many of us are spending less time queuing in branches and can avoid unnecessary fees by keeping a sharper eye on our balances. This is helping customers and providing wider economic benefits.
“This data features in the first part of our annual Abstract of Banking Statistics, which is a goldmine for anyone trying to understand the industry.”
The BBA has previously charted the rise of mobile banking, contactless cards and a range of other consumer friendly technology through its Way We Bank Now reports.
The new statistics on internet banking featured in the first part of the BBA’s 2013 Abstract of Banking Statistics are published alongside figures on household deposits, mortgages and consumer credit.
Two further parts of the abstract, one on the industry’s infrastructure and another on business banking, will be published next month.
Notes to Editors
1. For more information contact the BBA press office on 020 7216 8989. Journalists wanting to access the household section of the BBA’s Annual Abstract should email email@example.com from 9am on Monday 18 August.
2. The BBA’s Way We Bank Now work from earlier this year can be viewed here