July 23 ,2018 | by LSBF Blog Staff

Consumers prefer their own bank for money services, research shows

Consumers prefer their own bank for money services

Research from financial services firm ING Group has shown that despite the rise in popularity of online shopping via mobile phones, people prefer to use their own bank when it comes to accessing money services.

The ING International Survey questioned around 15,000 people from 15 countries to explore money trends in Europe, the US and Australia and found that more than 55% of Europeans prefer to use their own bank for money services.

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The study found that one in five respondents from Europe have used another provider to transfer money, while the majority prefer to use their own bank when it comes to other financial services.

Just 15% of the respondents said they used an app from another provider to make a peer-to-peer payment, while 9% said they turned to another provider to get a loan.

Respondents from some countries, including Turkey, Germany and Poland, are more likely to consider looking beyond a traditional bank, while online payments are becoming more popular in the UK, with 16% of the respondents making an online purchase more than once a week.

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Bank cards are the top choice for online payments, with more than 40% of the respondents using this method, while 32% use PayPal. The study also found that 11% of the respondents use a local payments app, while 11% prefer to pay via cash or card on delivery.

Convenience and availability are the among the main reasons that more people turn to online banking, while automated payments, such as direct debits, have also contributed to the rise in popularity.

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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