Brits most prolific digital banking users in Europe, research shows

Brits are Europe’s most prolific digital banking users, with 88 per cent now using online banking or banking apps, according to new research from Mastercard.

The research, which looked at the habits of banking customers across Europe, also showed that Brits are more likely to use digital banking on a regular basis than other countries, with 54 per cent doing so daily.

Advantage

The research highlighted the main benefits of digital banking, with time-saving being the main advantage, cited by 70 per cent of respondents, followed by ease of use at 59 per cent.

Safety and security was found to be a top priority for Brits, with 56 per cent saying that this would be the main thing that they took into consideration when it comes to digital banking. This compares with just 21 per cent of Dutch respondents, with convenience being found to be their main priority at 62 per cent.

Digitisation of the banking industry has been welcomed across Europe, with six out of ten Europeans believing that it is helping to make their lives easier and safer.

When it comes to changing banks, just 14 per cent of Brits said that they would switch to a new digital bank, suggesting that existing banks still continue to be popular with customers.

Dying

Commenting on the future of traditional banking services, Monzo Head of Marketing Tristan Thomas said: “We believe the future of finance is global and mobile. People want to be able to do everything instantly, anywhere in the world, with no hassle from their mobile. Bank branches are dying. Waiting on hold on the telephone to access your bank account is dying. Traditional banking is dying.”

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