Digital-only banks set to launch

Savers will be able to put their money in banks that only offer digital services later this year.

With the new digital-only banks, everything will be done online using computers and mobile devices, and they will not have any branches or call centres.

Online banking has been an increasing trend for several years.

And Intelligent Environments says one in three bank customers are of the opinion that there will be more online accounts than their traditional counterparts in the next five years.

It may take a while for digital-only banks to catch on, but the likelihood is that they will eventually be a part of everyday life.

Just one in eight people who took part in the Intelligent Environments survey said they would switch to the digital-only banks in 2015, and over half prefer to be able to speak to someone in order to help solve banking problems.

Copyright Press Association 2015