Mobile and internet banking is now being used for transactions worth almost £1 billion a day, according to a new report from the British Bankers’ Association (BBA) and EY.

The second ‘Way We Bank Now’ report also showed that millions of customers were continuing to “embrace the digital revolution” by using contactless cards, mobile payments and SMS balance alerts.

The BBA’s latest research revealed that internet and mobile banking now account for transactions worth £6.4 billion a week – up from £5.8 billion last year.

Banking apps for mobiles and tablets have been downloaded more than 14.7 million times in total. There was a rise of 2.3 million downloads since this January alone, at a rate of around 15,000 per day. Internet banking services also typically received 7 million log-ins a day.

Meanwhile, spend on contactless cards was expected to rise to £6.1 million a week in 2014 – up from £3.2 million in 2013.

But banks were still investing in High Street outlets, the study found, with in 2,274 bank branches refurbished in the past two years.

Anthony Browne, chief executive of the BBA, said: “This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies.

“The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank,” he continued.

“This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom. It’s a revolution putting more power in your hands.”

Responding to the findings, Steven Roberts, head of strategic transformations at Barclays, added: “The BBA report released today highlights that we are currently experiencing nothing short of a digital revolution. Customer behaviour is changing rapidly, with many more people using mobile and online at a UK industry level.

“With initiatives such as our cheque imaging pilot, advanced mobile payment systems and technology in-branches, we will continue to provide customers with the service and products that allows them to bank the way they want in this new digital age.”

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