BRITISH consumers are embracing fintech, as digital innovation and social media change the banking experience for customers, says UK Finance.
A report from the trade body and big four accountancy firm EY shows UK consumers are increasingly using new technology to communicate with their bank.
Last year UK customers logged into banking mobile apps 5.5 billion times, a 13 per cent increase from 2016.
In addition, there were more than 5.5 million webchats between banks and their customers in 2017, the equivalent of 622 conversations per hour.
“Technology is changing the way we communicate, work and shop and, as a result, the way we choose to manage our money,” said Stephen Jones, chief executive of UK Finance.
“The industry has responded to this seismic social change, which is very much led by customers looking to make the most of digital innovation for convenience.”
The report predicts that in coming years, video banking and voice activation will become more prominent.
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It also expects banks to start looking at analytics, the Internet of Things, virtual assistants and other technologies in a shift towards an increasingly digital world.
“The assumption that British consumers shy away from talking about money looks to be consigned to the last century, as webchats and video banking prove increasingly popular,” said Jones.
“And with more than 22 million British customers having downloaded banking apps, this trend is not going away.”