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Last year, 22 million people managed their current account on their phone, industry analyst CACI said. It has predicted that 35 million people - or 72% of the UK adult population - will bank via a phone app by 2023.
CACI added that rural areas and smaller coastal towns would see the biggest increase in mobile users between now and 2023, owing in part to frustration over broadband access pushing customers towards mobile networks.
"With so much more functionality, mobile is rapidly becoming the digital channel of choice, and replacing traditional online banking for many customers," said report author Jamie Morawiec.
"Whilst the number of internet log-ons is decreasing, so are the numbers of users. In fact, CACI predicts that 2019 will be the year in which mobile banking overtakes internet banking in terms of users."
It would also mean banks might again review the location and number of branches.
Major UK banks have been closing hundreds of branches in recent years, with more plans announced recently.