Banks now send more than 16 text alerts every second, with approximately 512 million being sent to bank customers last year, revealed UK Finance.

The report conducted by the firm illustrated consumers increasing reliance on technology, as customers receive text alerts notifying them of when their salary has been paid or when they are nearing their overdraft.

The report comes as TSB continues to face difficulties with its digital services, with UK Finance head of research Adrian Buckle saying that the level of upset caused by TSB’s platform migration demonstrated how much consumers not relied on digital services.

"It is up to the industry to ensure that these problems do not happen again," he said. "It is not just TSB looking at that but all banks across the whole industry."

The Way We Bank Now report by UK Finance found that there were approximately 5.5 billion log-ins to banking apps last year, a 13% increase on the previous year, with almost 59% of 16-24 year-olds and 69% of 25-34 year-olds using their smartphones to bank. Almost half of 65 year-olds now use their smartphones to bank.

Industry analyst CACI predicted that more consumers would use apps on their smartphones rather than a computer to do their banking by as early as next year.

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