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30
Oct

Most Brits would rather go online than into a physical branch for their banking

Marqeta, the global modern card issuing platform, has revealed that 72% of Britons do most of their banking online and 77% would even consider switching to a digital-only bank.

Propeller Insights surveyed 800 UK on behalf of Marqeta. It found that online banking was particularly popular among younger people, with 65% of those between the ages of 18 and 34 say they use a digital bank as either a primary or secondary banking option.

Moreover, in case people used both a traditional and a challenger bank, 56% were more satisfied with the service provided by their digital bank.

Propeller Insights also surveyed 1,200 US consumers. When comparing the British and the American customers, the researchers found that Brits seemed more positive about online banking.

For instance, 21% of UK customer had gone to a physical branch in the past three months whereas that number stood at 30% across the pond.

Moreover, 72% of UK respondents said they do the majority of their banking online, while 62% of US respondents said the same.

“This research demonstrates that UK consumers are ready to go digital with their finances, but digital banks still must work hard to innovate as we become an increasingly cashless, mobile-first society,” said Ian Johnson, head of Europe at Marqeta.

“Apps and payments cards account for an overwhelming majority of spending and money-management actions, and the rapid rise of new wave challenger banks is a major drive of this of this. At Marqeta we see the modern card issuing market being worth as much as $80 trillion globally by 2030, which is going to continue to create unprecedented demand for innovation and new offerings in banking.”

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