An estimated 42 million Britons will bank online by 2020 when the internet will be as common in homes as television.
Virtually all customers 95 per cent will use the telephone or internet to contact their banks, the report into future banking methods predicted.
Despite this upsurge in online banking, the branch will remain important, with 58 per cent of customers likely to visit it.
As customers change their banking habits, the biggest challenge falls to the financial institutions themselves to respond, says Richard Pym, the Chief Executive of Alliance and Leicester, who commissioned the research.
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