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UK bank customers access their account online in record numbers – high trust in their main bank

While all major UK banks offer facilities to transfer money, pay bills and manage accounts digitally, many customers still prefer to bank in person, or by phone. Brits still use digital banking to check their balance but are falling behind their European counterparts in countries like Germany, the Netherlands and Sweden in embracing the whole scope of the services available to them online.

A report released by Trustly, the Swedish FinTech company, shows that 63 per cent of UK customers pay their bills online, 57 per cent move money between accounts, and 45 per cent use it to transfer money.

The Trustly study highlights that 67 per cent of those surveyed trusted the UK banking sector. But the survey suggests customers distance their own bank of choice from banks in general, with 84 per cent saying they trusted their bank.
The UK is a leader in digital technology boasting a turnover of more than £170 billion. 60% of British consumers agree that a bank payment solution would be more convenient than paying with a card when shopping online.
Oscar Berglund, CEO, of Trustly which has an office in Clerkenwell, London, understands why the study shows that bank customers doesn’t fully embrace all bank services available and suggests improved online authentication methods could further boost adoption of online banking.
“Several countries are leading the way with a mobile app-based authentication solution, most notably the Nordics. Three-quarters of the Swedish population use the BankID app to verify their identity and authorise actions in the online bank. This makes bank payments incredibly safe, thanks to two-factor authentication, but also convenient.”, Oscar Berglund says.
Also known as an eID, the app can be used for financial transactions online or by mobile and can also be used as an e-signature and for access to official documents. It’s convenient, safe and trusted by an absolute majority of all who use it.
“The study shows that British consumers’ are not using the online bank as frequently as other Europeans. But it is clear that the usage is growing and there is demand for an online-banking based payment solution when shopping online. As online authentication methods become safer and more convenient, this will further accelerate this trend. This is encouraging as at Trustly we see the bank account as the hub of people’s financial lives. In 29 countries we make online payments as easy as using cash by putting the bank account at the centre of digital payments while reducing the often hidden transactional costs for both the seller and vendor,” Berglund says.

The research has been conducted in collaboration with Nepa, a leading research bureau and the first partner of Facebook operating outside of the US. The research was done in Great Britain, Germany, France, the Netherlands, Italy, Spain and Sweden. There were 1000 respondents in every market between the age of 18 and 66.

For the full report including the main insights, click here

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