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TSB reports surge in online and mobile banking

Written by: Emma Lunn
The rate of mobile banking registrations during lockdown has almost trebled, according to the bank.

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, TSB’s data shows that the average number of customers registering for its mobile app has nearly trebled from just over 1,270 to almost 3,480 every day.

Sign-ups for internet banking have risen by 137% over the same period.

Research into the uptake of mobile and online banking from TSB shows that more than a quarter (27%) of Brits who use mobile or online banking are feeling more confident using this service. Two-thirds (69%) of mobile or online bank users say they have benefited from the convenience and 24-hour access (66%) to their bank accounts.

Top reasons for using mobile or online banking among users is:

  • To look at their bank balance (83%)
  • Money transfers (73%)
  • Paying bills (52%)

The research indicates a permanent shift to online and mobile banking for some consumers, with a quarter (25%) of Brits saying that they will use mobile or online banking more after the pandemic than they did prior to the outbreak.

Suresh Viswanathan, TSB’s chief operating officer, says: “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. By combining the great service in our branches and over the phone with even more functionality in digital banking we can meet our customers’ needs however they choose to bank with TSB.”

TSB’s research also found that lockdown has prompted more people to take a closer look at their finances with a quarter (25%) saying that they have started to check their bank online balance more since lockdown began.

The majority of Brits (56%) will check their balance at least a few times a week with a quarter (24%) checking it once a day or more.

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