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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
Nearly 2.3 million people aged between 70 and over 100 years old are now using internet banking, new industry figures compiled by the BBA show today.
The study also shows that more than 450,000 customers over 60 are harnessing banking apps on smart phones, iPads and other tablets.
The figures are the latest part the BBA’s Way We Bank Now work, which has charted the rapid rise of a range of new consumer-friendly banking technologies, including contactless cards and text alerts.
The new findings show:
Banking apps – which allow users to safely pay bills, transfer money and read account statements – have been downloaded more than 12 million times in recent years by customers of UK banks.
The latest study also found that older customers who use mobile and internet banking typically use it as frequently or only slightly less often than younger generations.
It shows that some banks are currently experiencing faster growth rates for digital services by customers in their 70s and 80s than for younger generations.
BBA Chief Executive Anthony Browne said of the numbers:
“These figures shatter the myth that this technology is only for younger generations – millions of older people are avid users of banking websites and apps. Banking on the move is as much a reality for silver surfers as it is for students.
“Customers of all ages like the fact that they can now make payments, check balances and do other banking tasks from the comfort of their home without trudging into town. It’s precisely because these technologies are so popular with people of all ages that banks are investing so heavily in them.
“Not everyone will want to harness these new services, but it’s vital that no one feels excluded from this easy-to-use technology and that banks continue to give all the support they can to those who want to learn how to join what is fast becoming a banking revolution.”
The BBA’s figures have been compiled from a range of banks, including Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds Bank, Metro Bank, NatWest, Royal Bank of Scotland and Santander. All of the numbers of compiled by the BBA relate to October 2014 unless otherwise stated.
Table 1: Use of banking technology by customer age
|Age||App downloads||Customers registered for internet banking||Customers signing up for SMS alerts|
Table 2: Percentage of UK population using internet banking by age band
When compared with population estimates from the Office for National Statistics the statistics suggest that 20% of British residents over 80 and more than a third of those in their 70s are now using internet banking.
|Age||Customers registered for internet banking||Total population*||% Adoption rates|
Source: ONS Population estimates 2013
The BBA’s other Way We Bank Now work can be read here. For further information, please contact the BBA Press Office on 020 7216 8989.
Notes to editors:-
1. Press contacts for members that have contributed to the Way We Bank Now report are as follows:
2. The ONS Population Estimates used to produce the percentage adoption rates in Table 2 can be accessed at: http://www.ons.gov.uk/ons/rel/pop-estimate/population-estimates-for-uk–england-and-wales–scotland-and-northern-ireland/2013/rft—mid-2013-uk-population-estimates.zip