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Mobile apps and internet banking sparks high street decline

Fewer people are visiting high street banks as they increasingly take up digital technology to manage their money, according to the British Bankers’ Association (BBA), which reported that branch visits fell 6% last year.

The report also predicts that mobile banking via smartphones and tablets will overtake the high street this year.

But the BBA stressed that in spite of many reports of branch closures, the UK’s banks are not giving up on the high street. Yet technology is a significant contributor to job losses affecting retail banking - one of the financial sector’s least profitable areas of business. Most recently, HSBC announced UK job losses of up to 8,000 and the end of the HSBC brand on high streets.

The BBA report, which was produced in conjunction with consultancy EY, anticipates new tech that will revolutionise banking, such as wristbands that can check a user’s identity using their heartbeat and fingerprint identity verification.

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Gov smart meter rollout needs support of energy brands says Smart Energy GB

The Government’s plan to roll out smart meters to all UK homes needs support from energy brands, according to Smart Energy GB, warning that it could cost more than the budgeted £11bn without private sector help.

The plan to introduce smart meters to all UK homes was announced by the Labour government in 2009, which estimated that it could help consumers save up to £17bn.

The Government rejected Smart Energy GB's claims. The Department for Energy and Climate Change told the BBC: "Last year, an independent review on the smart meters programme backed the current delivery model, which is going to deliver the benefits of smart meters at the lowest possible cost to bill payers."

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