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More Brits are using digital banking, research shows

More Brits are using digital banking to pay bills and manage their accounts, according to research from Swedish fintech company Trustly.

The research found that the UK is falling behind other countries when it comes to embracing online banking, but showed that Brits are still accessing their online bank accounts in record numbers.

Trust

The research explored the attitudes of consumers when it comes to trust and found that just 11 per cent believe that the UK banking sector is trustworthy. However, the survey showed that consumers tend to separate their own bank from others when it comes to trust, with 84 per cent having high trust in their main bank.

The online banking tasks of UK consumers were also revealed, with paying bills being found to be the main reason for banking online, cited by 63 per cent. This was followed by managing money between accounts at 57 per cent and transferring money at 45 per cent.

Consumers were also questioned about banking methods when it comes to shopping online, with 60 per cent of consumers in Britain saying that they agree that a bank payment solution would offer more convenience than card payments.

Demand

Commenting on the research, Trusty Chief Executive Officer Oscar Berglund said: “The study shows that British consumers are not using the online bank as frequently as other European consumers. But it is clear that the usage is growing and there is demand for an online-banking based payment solution when shopping online.”

He added that this is encouraging, as Trustly views the bank account as the hub of people's financial lives, and as online authentication methods become safer and more convenient, it will further accelerate this trend.


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