Press Release

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Half of Brits are now more wary of online banking, as official figures reveal steady drop in positivity since 2020

  • The proportion of customers likely to recommend the top online and mobile banking services has been falling since 2020.
  • More than a third of Brits say they’ve become more wary of online and mobile banking since 2020 due to concerns about online fraud.
  • 1 in 10 Brits believe online banks collect too much of their personal information, and this concern was greatest amongst those in gen Z (aged 18-23).

14, May, 2024, LONDON

Half of Brits are more wary of using online banking and banking apps now than they were 4 years ago, according to new research from personal finance comparison site

The most common reason for this decline in confidence was concern about online fraud when using these platforms, with over a third (35%) of UK adults citing this reason.

The study, conducted as part of a wider report on personalisation in banking, also analysed the recommendation scores of the 10 most popular providers in the Ipsos independent service quality survey over the last 4 years. This revealed that the percentage of customers who would recommend the most popular providers for online and mobile banking consistently declined during August 2020 – February 2024, by an average of 5%.

Brits are wary of data collection – particularly younger generations

More than 1 in 10 (12%) Brits said they had become more concerned about using online banks and banking apps because they believe too much of their personal information is being collected on these platforms. In addition, just under 1 in 10 (9%) said that they don’t trust online banks and banking apps to store their personal information safely.

There was a clear generational divide when it came to this issue, with younger generations far more concerned about the collection of their personal information than their older counterparts. Just over 1 in 5 (21%) of those in gen Z cited the collection of their personal information as a reason for becoming more wary of online banks and banking apps over recent years. This was very closely followed by 19% of millennials (aged 24-42) and 10% of those in gen X (aged 43-54).

On the other end of the spectrum, only 5% of baby boomers (aged 55-73) and 3% of the silent generation (aged 74+) cited this as a problem that would make them more wary of online and mobile banking.

The findings suggest that there could be big problems ahead for online banking platforms if these younger generations cannot be convinced that their data will be safe in the hands of their bank.

Commenting on the findings, Kate Steere, banking expert at personal finance site, said:

“Personalised app tools are a win-win for both banks and customers, as we can see from HSBC’s savings app feature, which launched yesterday. Customers get a tool that’s useful to them, and banks get more data on how each customer manages their money, or what they want to do with it.

“However, it’s clear that banking providers have some work to do in gaining their customers’ trust, particularly with the younger generations. If they want to truly harness AI’s capabilities and provide a personalised customer experience, they’ll need to reassure customers that their money and personal data are in safe hands. Banks that fail to do this will see customers vote with their feet and go elsewhere.”



To see the report in full visit:


Finder commissioned Censuswide on 10 May 2024 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.

Finder analysed the banks which ranked top 5 in the Ipsos personal banking service quality survey for mobile/online banking experience each year since 2020 in Great Britain. The analysis tracked the recommendation score over time for these top providers.


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The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on's review pages for the current correct values.

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Best of all, is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better. launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew to be Australia's most visited personal finance website (Source: Experian Hitwise).

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