Research reveals the banking habits of UK consumers

Wednesday 15 December 2021 11:04 CET | News

New research has shown that mobile banking tops the way most consumers bank today (71%), compared to just 15% in 2014.

The release of a new UK banking and payments industry report has revealed how consumer habits have changed since 2014. The research was carried out by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, which uncovered how the generational age gap in banking habits has gradually closed in recent years.  

Rewind to 2014 and the preferred banking method for the majority of over 60s (46%) was to visit a branch. In 2021, this has now seismically shifted, with the analysis revealing that 50% of over 60s prefer to use Internet banking as their primary banking method, compared to just 9% in 2014. 33% of over 60s now also turn to their mobile devices for everyday banking, whereas in previous years, it was only the younger age groups who led the way in using such technology for banking.   

Although the over 60s are now more comfortable using mobile and Internet banking than in previous years, today, there is still an overwhelming number (85%) of over 60s who carry cash with them, compared to just 25% of under 21s. Over 60s were also less likely to use mobile payments to pay for goods and services compared to those under 60.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: research, mobile banking, digital banking, retail banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

Industry Events