IBS Journal June 2016
45
For 49%, the most important factor when making a payment was security. The research also highlighted that new methods must be easy to use.
4 MILLION…NatWest says that 4 million customers have signed up to use its mobile app since its launch in 2013, with almost a quarter of a million downloading it since the beginning of the year. NatWest was the first UK bank to allow customers to log into their mobile banking app using fingerprint technology, Touch ID. There are almost 1 million logins every day, with customers making over 5 million individual payments a month.
4%...Core banking systems across the industry are in dire need of an upgrade, but banks aren’t rising to the
challenge. According to research from NTT DATA Consulting, only 4% have plans to change up their core systems in the next three years. Extrapolating that data across the industry, NTT reckons it would take 25 years for all banks to get new systems in place if they started right now.
14.5 BILLION…Debit cards will take over from cash to become the UK’s most frequently used payment
method in 2021, according to a new report from trade association, Payments UK. Cash was still the most popular method in 2015, accounting for 45.1% of all payments. However, it is predicted that by 2025 notes and coins will drop to being used for just over one in four payments. In 2021, 14.5 billion debit card payments are predicted, overtaking the cash forecast (13 billion) for the first time.
Payments UK also forecasts another landmark in 2025, when credit, debit and charge cards will account for more than half of all payments made (50.2%) – driven in large part by the increasing popularity of contactless. The average UK adult made 20 card payments per month in 2015, of which around one in 10 were contactless. By 2025 we are predicted to use a debit, credit or charge card virtually every day (30 times per month) and almost half of these transactions – 14 per month – will be contactless, with mobile playing an increasing role.
Driven by the popularity of online and mobile banking, continued growth is also predicted in the Faster Payments Service. In 2015 over two-thirds of adults regularly used online banking, and a third used mobile banking. This contributed to 903 million one-off and forward-dated Faster Payments being sent, with a further 344 million standing orders processed using the service. These payments will more than double over the next 10 years, with 1.9 billion one-off and forward-dated payments forecast to be made in 2025.
24… HSBC plans to close down as many as 24 of its branches in India after a review of its retail banking situation
in the country. The bank has said that it will be “consolidating” its network from 50 branches across 29 cities to 26 branches across 14 cities.
“India is a priority market for HSBC and we will continue to invest to achieve sustainable growth by supporting the needs of our customers,” says Stuart Milne, Group General Manager and Chief Executive officer of HSBC India.
Despite losing a presence in 15 cities, the bank has asserted that the closures will count for less than 10% of its retail customer base in India. Further investment in retail and wealth management operations in the country are planned, however, with HSBC announcing “an expanded proposition” for its top tier clients.
The news followed the announcement that 850 jobs would be cut in the UK, the first losses in a wave that will see HSBC lose 8,000 staff in 2016.
www.ibsintelligence.com
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