Britons are the most prolific users of digital banking services compared to their European peers, as 9 out of 10 (88%) Brits now use online banking or banking apps, according to a study by MasterCard.
The new study, which sheds light on banking habits of 11 European nations, further underlines that 54% of the UK’s denizens use digital banking services regularly.
Nearly 70% users embrace digital banking service to save time while 59% tap online banking.
In contrast, just 62% of French customers have similar digital banking access while only 28% of bank customers use online channel in Italy.
Emergence of online banking has affected the traditional branch banking, as more than half of Brits have not visited a bank branch in the UK in the past year.
Only 14% UK respondents said they would switch to a new digital bank, as existing banks are still very much the primary choice for customers.
Seven out of 10 of Brits plan to stay with their current bank or would not consider moving to a digital bank, the MasterCard survey revealed.
MasterCard Europe president Javier Perez said: “As a payments technology business we have long been focused on driving innovation at speed and scale. It is important that we don’t innovate for the sake of it but instead understand what our partners and consumers need to continue to make use of digital payments across all new devices.
“This study underlines that consumers want easy and secure solutions for their banking needs and are very open to digital products if they improve the experience. We are embracing this change and are proud to also be the partner of choice to Europe’s breed of new banks with our innovative, safe and secure solutions while continuing to ensure established institutions continue to build best in class tools in the increasingly digital environment.”