UK consumers shift towards digital banking while physical branch interest declines

In addition to focusing on banking preferences, either digital or physical, the research found that 41% of UK adults accentuated the importance of banks providing products and services that meet their needs, demands, and requirements, while 35% value a well-established brand. Also, positive customer reviews and comprehensive online banking features represent essential factors for UK consumers, with this being consistent among all age groups.

Furthermore, commenting on the study, representatives from CRIF mentioned that how individuals manage their finances is changing, with the shift being more prominent in the UK. Whereas in the US and Europe many individuals still find local bank branches important, UK residents from all age groups place less value on this aspect when deciding on a bank. This noticeable shift puts banks and financial providers under pressure to adapt to these modifying preferences, with officials underscoring the need to balance digital advancement with keeping traditional services to meet varied client needs.

The study commissioned by CRIF follows previous findings from 2023 and reflects the expanding acceptance of digital banking solutions across Europe during difficult economic periods, underlining the UK’s position in financial services and communication technology.

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