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Two thirds of online banking is now done on a mobile

Monday, May 11th 2015 by Dean Reilly

Consumers are more likely to do their online banking on a mobile phone rather than their computer, new data has revealed.

The first quarterly Halifax Digital Dashboard, which looks at digital trends in banking, found that 65% of customers that use online banking handle their finances using a smartphone.

Desktop computers accounted for 26.4% of online banking interactions, with just of customers 9% using a tablet.

The bank also reported that customers were most likely to log on earlier in the day – probably during their morning commute or before work.

Anita Hockin, head of digital for Halifax, said: “Since launching our new mobile app last summer we have seen huge growth in the number of customers logging on via a mobile, so much so it is now clearly the most popular choice for active digital users, and shows a shift in the way people are choosing to do their banking.

“Whilst digital is becoming ever more popular, we have found that most of our customers use all of our channels, be it in branch, over the phone or as this latest data demonstrates, on their mobile.

“It is therefore important that we continue to listen to our customers and innovate, to ensure they are able to access their bank in the way that suits them best.”

'Channel of convenience'

Halifax reported that mobile banking has seen unprecedented growth in the past year amongst its customers. The bank said that there has been an almost 100% year-on-year increase in the number of logins via mobile.

Halifax customers accessed their accounts online almost 40m times using their mobile in March, compared to approximately 20m in the same month in 2014.

The 99.1% increase shows, according to the bank, that mobile banking is fast becoming the "channel of convenience" for many.

Furthermore, 21% of active Halifax online banking customers have used their mobile for all their banking needs in the past three months.

The bank also reported that, while all age ranges are increasingly likely to use digital banking, those aged between 18 and 29 are the most likely to manage their finances online.

However, older customers are still making the move to digital banking. Halifax found that 37.5% of 60 to 69-year-olds bank online.

The bank concluded that its most senior customers also bank online. A fifth (19%) of people in the over 70s age bracket have used Halifax internet banking in the past three months.

The Halifax Digital Dashboard takes its data from the behaviour of current account customers with the bank, analysing trends and logging visits to online banking services.

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