Both traditional established banks and newer digital online banks have taken advantage of the rise of mobile devices with the smartphone the preferred device to access online banking. In Q1 of 2020, 58% of survey respondents indicated accessing their online banking through their smartphone in the three months prior to the survey, while only 14% indicated they used their tablet device.
In 2019-2020 the UK ranked 8th among European nations for online banking penetration. Leading the way is Norway with an impressive online banking penetration of 95% compared to the UK’s 78%. The use of cash has severely decreased in countries such as Germany and Austria where trust in online banking institutions have been on the rise.
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