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Digital banking statistics 2020
Over 1 in 10 Brits have fully switched to a digital-only bank
Updated . What changed?
What's in this guide?
- The latest stats
- What do Brits value from their primary banks?
- Online banking popularity
- The most popular disruptor banks around the world
- High street vs Digital Banking: which banks are winning customers?
- High street vs Digital Banking: consumer opinions over the COVID-19 pandemic
- Most common digital bank customer complaints
The latest stats
According to our survey:
What do Brits value from their primary banks?
Banking features that Brits value
Online banking popularity
The percentage of Brits that use online banking
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|
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.
High street vs Digital Banking: which banks are winning customers?
Looking at 2020’s first quarter, Monzo and Starling Bank made net gains of 19,049 and 15,153 customers respectively during the first three months of 2020, while Barclays, Halifax, Lloyds, RBS and Santander all made net losses.
While HSBC did well, with a net gain of 33,994 customers, it’s worth noting that this figure includes customers of its younger upstart First Direct. Nationwide and NatWest both made respectable net gains of 22,993 and 15,681 respectively – but both offered significant switching incentives around this time. Nationwide was running its Recommend a Friend scheme until 6 April, while NatWest was offering a £175 switching bonus to anyone that switched using CASS.
The data shows a 65% drop in total switches during lockdown vs the first three months of 2020, which reflects a decline in the number of switching incentives while banks seemed to focus on their existing customers.
High street vs Digital Banking: consumer opinions over the COVID-19 pandemic
Customer sentiment towards 10 of the UK’s biggest high-street and digital-only banks fell by 7 percentage points (pp) during lockdown, according to our new research from finder.com and social analytics specialist BrandsEye.
This leaves overall consumer sentiment for the banking industry at -24% on a possible scale of +100% to -100% for the period between 1 March and 31 July.
However, over 800,000 social media posts from customers revealed that digital banks saw a sentiment decline of almost three times that of high-street banks during the pandemic. On average digital-only banks’ customer sentiment fell by 14pp compared to just 5pp for high-street banks.
While this is a blow for digital-only banks, it should be noted that high-street banks had, and continue to have, a much lower overall sentiment (-13% vs -35% currently).
|Sentiment pre-lockdown||Sentiment post-lockdown||Percentage point difference|
Most common digital bank customer complaints
53% of digital bank customers felt negatively about their provider during the lockdown, with savings rates being the main problem (21%).
Customers’ main method of interacting with their digital-only bank is through an app, so this is perhaps why customers’ second biggest issue was around their bank’s app (15%).
Poor customer service appeared to be a running theme with 14% of digital-only banks’ customers complaining about the level of customer service they received over the phone and digitally.
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?
- Current Account Switch Service (CASS)
Click here for more research. For all media enquiries, please contact
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