A recent Mastercard survey has revealed that digital banking is the number one preference for European consumers’ daily banking needs.
The survey, which spanned 11,000 people across 11 European countries, also revealed that security and convenience were consumers’ top priorities when making the choice of how to bank. Of those surveyed, 65% mentioned ease of use as their main reason for banking digitally, 66% said it saved them time, while 67% named security as their main priority.
Although over half of respondents said that they would consider moving to a digital-only FI, 39% of Europeans said they would prefer to stick to digital services provided by an FI with branches - up by 7% from 2017. With traditional banks providing an increasing amount of digital banking services, this makes sense – 70% still viewed traditional banks as their first point of reference for obtaining financial information about topics external to daily money management, such as loans and mortgages, showing the trust advantage branched FIs have over digital-only FIs.