A report by the British Bankers’ Association (BBA) and EY found banking apps for mobiles and tablets have now been downloaded 14.7 million times, 2.7 million of which were in January.

In total transactions worth £6.4bn are completed each week using these methods. The report highlighted how most direct mortgages are completed in a branch or over the phone, rather than online.

Many customers begin the application process online but figures from Santander showed only 28% of customers would go on to complete the mortgage process exclusively using the web.

However HSBC said it was seeing a number of customers complete applications online, with one borrower completing the full process in 24 minutes. It said its online process was augmented by both phone and branch support.

Yet despite the growth in digital banking most brands remain committed to the high street with 2,274 having been refurbished in the past two years.

Anthony Browne, chief executive of the BBA, said:

“This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies.

“The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank.

“This study shows that banks have, are, and will continue to compete against one another to offer customers innovative technology to win your custom. It’s a revolution putting more power in your hands.”