US Edition 
Mobile banking has eclipsed branches and even the rest of the internet
Apps now the biggest route to checking bank balances in Britain, industry research shows
Britons are now checking their bank balance on their mobile phones more than anywhere else, leaving more traditional services like a visit to the high street branch in decline.
Banking apps were used 10.5m times a day across the country in March, eclipsing the 9.6m daily log-ins to internet banking services, and both services are still growing rapidly, according to data from the British Bankers’ Association.
More than eight million people downloaded banking apps in the past year, while two million people have also signed up to Paym, a service allowing payments to be made to mobile phone contacts. In a typical week, Brits are transferring £2.9bn through apps.
Meanwhile, bank branches carried out 427m transactions last year, the equivalent of 1.17m per day, assuming they are open seven days a week. The research suggested that the number of transactions conducted in branches had fallen 6pc in a year, although banks have invested in refurbishing more than a quarter of all UK branches in the past three years, suggesting the high street remains a major source of business.
How banking transactions have moved, according to the BBA
"Technology is changing our lives and banking is no different – it is now easier than ever for us to check our balances, pay our friends and manage our money,” said Anthony Browne, chief executive of the BBA. “The rapid take up of apps and mobile banking appears to be a real game changer for the British public.”
The number of bank branches has been in gradual decline since the 1980s, the BBA said, yet the shift online leaves the 6.4m people in the UK who have never used the internet increasingly out of step with their banks.
”It is vital that the government invests more in 4G and high-speed broadband to ensure that as many people as possible can be included in the revolution that is sweeping through banking,” said Mr Browne.
Banks are deploying new technology as they fight for a share of the current account market. More than a million people switched bank in the year to March, up 7pc on a year ago, Payments Council figures show.
Meanwhile, contactless bank cards were used 40m times in January, a three-fold increase on a year ago. Uptake was given a boost when Transport for London started accepting this payment method in addition to Oyster cards on all of its services from September 2014.
The spending limit on a contactless transaction is set to rise from £20 to £30 in September.
Services are still changing rapidly. More than 3,000 people have already used the Nationwide Now service, which enables customers to apply for mortgages and other services through a video link with a staff member.
Nationwide and Barclays are also trialling wristbands that can be loaded with credit, which work with contactless readers and are more difficult to lose than cash or a card.
The move to new forms of moving money has meant telephone banking is rapidly disappearing. Between 2008 and 2013, telephone transactions fell 43pc, the BBA said.