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Published: July 31, 2017
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Digital has transformed banking in the UK. But as physical branches continue to disappear from city and village high streets, the move to digital-only banking has been slower to catch on than other digital habits. Trust and security concerns—the main stumbling blocks—may represent an opportunity for traditional banks.
"Roughly three-fifths of UK internet users view digital screen-based banking services as being convenient, but just over one-fifth consider them trustworthy."
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Channel that UK Internet Users Find Most Convenient for Banking vs. Most Trustworthy for Communicating with Banks, Feb 2017 (% of respondents)
Digital Activities of Consumers in Great Britain, April 2015-Feb 2017 (% of respondents)
Physical Branches Retain a Foothold
Channel/Location Where UK Internet Users Conduct Select Financial Activities, Dec 2016 (% of respondents)
Likelihood that Internet Users in Great Britain Would Consider Using a Digital-Only* Bank, Jan 2017 (% of respondents)
Advanced, but Not Leading, Behavior in the UK
Digital Banking User Penetration in Europe, by Country, 2011-2016 (% of internet users)
Demographic Profile of UK Digital Banking Users, Feb 2017 (% of internet users)
UK Consumers Who Use Digital Banking, by Demographic, Nov 2016 (% of respondents in each group)
Devices: Mobile Banking’s Rapid Rise
UK Consumers Who Use Digital Banking, by Device, Nov 2016 (% of respondents)
Internet Users in Europe* Who Use Digital Banking via Desktop/Laptop vs. Mobile**, by Age, Q4 2016 (% of respondents in each group)
Primary Channel Used by UK Internet Users for Banking Transactions*, by Generation, Dec 2016 (% of respondents)
Behaviors: Trust Is the Main Sticking Point
Reasons that UK Internet Users Don't Use Mobile Banking, Feb 2017 (% of respondents)
Mobile Banking Activities Conducted by Mobile Phone Users in Select Countries, 2016 (% of respondents)
Finance Activities Conducted via Smartphone Among UK Smartphone Users, Q3 2016 (% of respondents)
Primary Attitude Toward Using a Chatbot to Talk to a Company Among Chatbot Users in Select Countries, April 2017 (% of respondents)
Reasons that Chatbot Users Worldwide* Have Used a Chatbot in the Past Year, April 2017 (% of respondents)
Trust and Opportunity for Traditional Banks
Types of Companies/Organizations that UK Internet Users Trust with Their Personal Information, Oct 2016 (% of respondents)
Organizations that Mobile Banking App Users in Great Britain Would Trust to Provide a Mobile App to Manage Their Financial Accounts/Services, Oct 2016 (% of respondents)
UK and US Internet Users Who Would Be Upset to Know that Marketers Possessed Select Data About Them, Feb 2017 (% of respondents)
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