The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
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
Digitisation is changing many industries across the world and altering the way we as individuals and companies operate. Banking is no different.
While banking has been on a path towards digitisation for many years, it is the advent of smart phones and tablet computers that has dramatically accelerated the pace of change. We have gone from almost nobody banking with their phone to millions of people using their apps to check their accounts and make payments every day.
This is changing not just the way we bank but also the way banks have to interact with us. The number of people going into branches to do their banking is falling dramatically – by around 30% in the past three years – and visits are often now for detailed conversations rather than straight forward transactions. New products, such as cheque imaging, will reduce the need to go into a branch still further. Likewise, contactless cards, faster payments and Paym diminish the need to use cash. Banks are reconfiguring their branches and call centres to deal with these developments.
In this document we look at the challenges and opportunities from the digitisation of banking.