Study reveals banking preferences of UK adults

A study commissioned by Lithium Technologies has revealed the banking preferences of adults in the UK, with over 60 per cent saying that they would prefer to do their banking online than at a physical branch.

The research surveyed 2,000 people and found that digital banking is currently most popular with UK adults, but in-person banking is the most trusted method.

Convenient

The study looked at which types of banking adults find the most convenient. Digital banking was favoured by the majority of respondents at 59 per cent, followed by in-person banking at 23 per cent and telephone banking at 9 per cent.

However, in-person banking was found to be regarded as the most trustworthy method of banking, and was cited by 58 per cent. Just 23 per cent of adults believe that digital banking is the most trustworthy, whilst 10 per cent said telephone banking.

Opportunity

Lithium Technologies President and Chief Executive Officer Rob Tarkoff said that this indicates a huge opportunity for the UK financial services sector.

“Consumers have a strong and clear preference towards digital banking, but the current experience does not meet expectations,” he said, adding that banks which can rise to this challenge and provide their clients with fantastic experiences on digital channels stand to win.