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More than half of Brits switch to mobile only bank

BBR Staff Writer Published 11 December 2017

A new research conducted by data management platform (DMP) firm Relay42 has revealed that most of the UK consumers prefer digital banking over traditional banking.

The research has showed that 53% of consumers prefer online or mobile banking, of which 27% are already using while the remaining 26% are considering to move away from traditional banking.

Relay42’ survey showed that 58% consumers felt that digital banking is a better online place with enhanced functionality, while 29% found that it offers attractive finance rates or fees and 28% felt that it offers better quality of service.

The research also revealed that 56% respondents said that they will be loyal to their banks, if they were provided with customised offers based on their personal interests and behaviours.

Research carried out by Censuswide showed that more than 41% respondents said they didn’t know how their data was being used by banks, while 29% expressed concerns over how it was being used.

Relay42 finance industry head Julius Abensur said: “The banking sector is undergoing significant change, in terms of shifting customer demands and expectations, as well as factors such as legislation and regulation.

“Customers are on the precipice of embracing future technology and new products, which means their existing banks need to keep pace with demands and innovation to ensure customer loyalty and competitiveness.

“Very often, the solution lies in orchestrating technology to create a relevant online experience and deliver personalised offers and service quality.”

Image: The research commissioned by Relay42 showed that UK consumer prefer digital banking. Photo: courtesy of  Relay42.