Seven in 10 customers registered for Monmouthshire Building Society’s app had not previously banked with the mutual, its latest data shows.

The society said the volume of new accounts opened through the app had risen by 24% in the year since its launch, while its savings balance had increased by 3%.

It has also attracted younger customers and extended the society’s geographical reach.

Before the launch, its customers were concentrated around its branches and agencies in south Wales and the south-west. The app is now being used by customers from the Outer Hebrides to the Kent coast.

Kristy Maloney, head of savings at Monmouthshire Building Society, said: “A year on from the app launch it is great to see that it has done what we wanted it to do, introduce our products to a wider market and allow our customers to manage their money more easily.

“This app has also significantly improved our onboarding experience, with customers now being able to open an account in minutes.”

Maloney added: “From a product point of view, the app couldn’t have been launched at a better time, as it coincided with the launch of our Regular Saver product, which attracted new people to the Building Society and who could open the account easily thanks to the app.

“The app has been a huge success for us, and it will allow us to invest further in tech to improve our customer’s experience of saving or borrowing with Monmouthshire Building Society, and of course, lend more in the local community and grow the wider business.”