Digital banking statistics

Over 1 in 10 Brits have fully switched to a digital-only bank

Last updated:

Picture not described
Digital banks (such as Monzo, Revolut and Starling Bank) offer simple, fee-free services for people wanting to track their spending immediately from their digital device. Our data shows that people really value good digital services from their bank, which helps explain the consistent increase in online banking use over the last 10 years. We looked for the latest stats on digital banking in the UK, along with carrying out our own research on how people are using their accounts and their future intentions when it comes to banking.

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.

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
  • 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.

  • Digital bank usage
  • 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
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

Related articles

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site