Banking as we know it is finished, according to the boss of one of the world's largest independent financial advisory organisations.

Nigel Green, founder and CEO of deVere Group, made the comments as he launched deVere Vault, a global e-money app, after the company received its own e-money banking licence.

Only days after Lloyds Banking Group named which of its branches would be closing in Gloucestershire later this year, Mr Green said the days of traditional banking "are numbered".

"The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service," he said.

"Personal advice with digital solutions is what people need in today's world.

"deVere Vault, a low-cost, app-only e-money service, has been driven by demand from internationally-mobile individuals, globally-focused firms and expats.

"They want to access, manage and use their money instantly and seamlessly wherever they are in the world.

"For these people and firms, plus the broader key 18-45-year-old demographic worldwide, it is now normal to do everything on their mobile or tablet.

"Increasingly, this is also extending to their day-to-day financial requirements.

"It is a trend that is only set to gain momentum moving forward. I believe the days of traditional banking are numbered.

"This is due to the speed with which banking information can be accessed and transactions made via app-only services.

"Such money apps are growing in popularity due to this high level of convenience, increased security, and as people become ever-more tech-savvy."

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