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Digital banking statistics
Over 1 in 10 Brits have fully switched to a digital-only bank
Updated
The latest stats
- Just over 1 in 10 Brits (12%) have fully switched to a digital-only bank.
- Nearly half (47%) of those who use them keep less than £1,000 in a digital bank.
- Two-thirds of banking customers say they plan to convert fully to a digital bank in the future.
What do Brits value from their primary banks?
A 2019 survey carried out in the UK found that digital banking services were rated as the best feature of people’s primary banks. Do people, therefore, consider digital services to be a critical component of their financial provider?
Banking features that Brits value
| Service | Percentage of people |
|---|---|
| Range of digital services | 42% |
| Security | 39% |
| Personal service | 32% |
| Quality of advice | 26% |
| Range of financial products and insurance offers | 24% |
| Transparency | 22% |
| Ease of switching | 21% |
| Free-of-charge cash (including abroad) | 20% |
| Range of payment options | 19% |
| Lending conditions | 10% |
| None of the above | 7% |
| Don't know | 12% |
A range of digital services ranked as the most important feature among respondents, with 3% more people choosing this as the most important feature than those who chose security. A range of digital services also received almost double the popularity that a range of financial products did.
Online banking popularity
Online banking popularity has increased steadily between 2007 and 2019, with 3 out of 4 Brits now using online banking in 2019.
The percentage of Brits that use online banking
| Year | Online banking pentration |
|---|---|
| 2007 | 30% |
| 2008 | 35% |
| 2009 | 41% |
| 2010 | 42% |
| 2011 | 44% |
| 2012 | 47% |
| 2013 | 50% |
| 2014 | 53% |
| 2015 | 55% |
| 2016 | 60% |
| 2017 | 63% |
| 2018 | 69% |
| 2019 | 73% |
Since 2007, online banking has experienced year-on-year growth every single year and has reached a peak of 73% in 2019 – meaning nearly 3 out of 4 Brits are using online banking. As the level of online banking increases, it may be seen as an indicator that Brits would be more willing to use online-only banks as they become more used to banking online and on their mobile phones.
The most popular disruptor banks around the world
We looked at some of the latest statistics to see which disruptor bank is the most popular around the world.
Total number of app downloads
The most popular disruptor bank by app downloads in Q3 2019 is Revolut, with over 8.3 million downloads. This is nearly double the next biggest challenger bank by app downloads, N26, who have 4.4 million app downloads by Q3 2019. Monzo has had over 4 million app downloads and Starling over 1 million downloads.
| Disruptor bank | Number of app downloads |
|---|---|
| Revolut | 8,360,700 |
| N26 | 4,440,000 |
| Monzo | 4,082,000 |
| Starling | 1,460,000 |
EU based digital bank N26 has chosen to stop operating in the UK in early February due the UK’s decision to leave the EU.
Can't get enough information about digital banking?
- Digital banking adoption
- Digital bank usage
For more digital banking information, check out our banking adoption statistics page. finder conducted a digital banking adoption survey to get a feel of what the British public thinks.
Almost half (47%) of Brits are keeping £1,000 or less in their digital-only bank accounts with 3 in 10 (30%) holding less than £100 in their accounts. Across all accounts, the average amount held is £3,214. What other trends can we see in the Brits digital bank usage?
Sources used
- Statista
- Eurostat
Click here for more research. For all media enquiries, please contact
Matt Mckenna
UK communications manager
T: +44 20 8191 8806
UK communications manager
T: +44 20 8191 8806
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