Consumer Payment Card News

For Brits Mobile Banking is The Bee’s Knees . . . Simply Brilliant !

Nearly  9 out of 10 Brits now use online banking or banking apps, in contrast only 62% of French customers have similar digital banking access and compared with only 28% of bank customers in Italy.

The pan-European Mastercard study reveals convenience was the most significant advantage for digital banking solutions, with time-saving (70%) and ease of use (59%) being the key drivers. 

However the UK again stood out, with safety and security being our top priority, 56% of us felt it was our number one consideration when banking digitally. In contrast, only 21% of Dutch people saw security as their priority, with 62% opting for convenience.

Overall, six out of 10 Europeans welcome digital solutions and believe that the digitization of the banking industry is making their lives easier and safer.

Mastercard notes it is a key partner in delivering digital solutions to banks, working with over 30 new providers across Europe including Monzo, Tandem, Starling, Atom, ‘B’ and Clear Bank in the UK.

The use of digital banking services has had a significant knock on effect as to the use of physical bank branches. In the UK, more than half of us have not visited a bank branch with the need of speaking to anyone in the past year. However, this is not to say our existing banks are now at a disadvantage to the new breed of digital banks starting up across the continent.

Only 14% UK respondents said they would switch to a new digital bank, our existing banks are still very much the primary choice for customers. 7 out of 10 of us plan to stay with our current bank or wouldn’t consider moving to a digital bank.


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