TSB has seen a surge in demand from customers using its mobile app and online banking following the outbreak of COVID-19.

Since lockdown started on 23 March, the bank's own data shows that the average number of customers registering for the mobile app has nearly trebled - from just over 1,270 to almost 3,480 every day - reaching over 4,000 on some days. Enrolments for internet banking have risen by 137 per cent over the same period.

Earlier this month, TSB commissioned Opinium Research to survey 2,000 UK adults, finding that more than a quarter of Brits who use mobile or online banking are feeling more confident using this service (27 per cent), with two thirds of mobile or online bank users stating they have benefited from the convenience (69 per cent) and 24-hour access (66 per cent) to their bank accounts.

Top reasons for using mobile or online banking among users is to look at their bank balance (83 per cent), money transfers (73 per cent) and paying bills (52 per cent).

The research indicates a permanent shift to online and mobile banking for some consumers, with a quarter of Brits saying that they will use mobile or online banking more after the pandemic than they did prior to the outbreak.

TSB’s chief operating officer Suresh Viswanathan commented: “This shows the size of the shift in the way people are banking. Not only are more customers discovering the benefits of banking and shopping online, but it’s also encouraging to see there’s an increased level of confidence amongst consumers."

While COVID-19 has sparked a change in the way people bank, fear of fraud continues to be a worry for the over 55s. Of those in this age group with a smartphone, half use mobile banking, while this figure rises to 76 per cent for those aged 35 to 54 year-olds, and 87 per cent for those aged 18 to 34. The main reasons for this age group not using mobile banking as much as under 55s were: ‘fear of fraud’ (39 per cent), and ‘fear of losing phone and bank details being compromised’ (37 per cent).

However, through its own data, TSB has seen an increase in the number of online banking and mobile app registrations from the over 55 age group in response to the pandemic, with almost 25,000 registrations since the beginning of lockdown.

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