Over the past year, digital banking solutions have become more popular among UK consumers.

Research from FIS revealed that the majority of UK banking customer interactions are now digital.

The fifth annual PACE study surveyed UK consumers on whether their banking providers are meeting their needs.

It identifies an increasing gap in customer satisfaction in favour of direct banks compared to the more established global institutions.

Furthermore, it revealed that 71% of all banking interactions are now digital or online. In addition, the majority of these are completed on a smartphone, tablet, or wearable device (47% vs. 41% in 2018).

This compares to only 6% of interactions which happen in a branch.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

PACE digital banking survey

Banking through digital is becoming the most popular choice for the majority of consumers.

Executive vice president of banking & payments at FIS, Raja Gopalakrishnan, said: “It’s now second nature for many consumers who expect instant and immediate banking access, to take advantage of user-friendly apps to manage their finances. Many banks of all types are doing a fantastic job when it comes to customer experience and consumers are experimenting and getting more familiar with what is on offer.

“However, as new products come onto the market following the launch of the UK’s open banking initiative last year, awareness of the benefits has increased, and the time for and complacency among the big established banks is over. It’s particularly crucial that mobile is recognised as the most important part of banks’ customer-facing offering, to drive engagement with consumers of all ages through a secure and frictionless experience.”

PACE digital banking survey highlights

  • 59% of banked UK consumers have used mobile apps to access financial services
  • Demand for mobile banking is strongest among young millennials. 40% choosing a primary bank with a mobile banking app
  • More than a third (35%) of consumers want banks to invest in apps in order to replace plastic payment cards in the coming decade
  • In addition, almost half (47%) want banks to invest in digital security technologies like facial recognition, instead of passwords