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Online & Mobile Banking

Convenience of digital banking undermined by trust issues in UK

Tuesday 9 May 2017 | 10:37 AM CET

A new study commissioned by Lithium Technologies has revealed that in-person banking is the most trusted source of information for 58% of UK adults.

Additional findings reveal that almost one quarter of British consumers (23%) currently trust the information they receive online from banks, with 62% of UK adults preferring to do their banking online than in a physical branch. Therefore, consumers have a strong and clear preference towards digital banking, but the current experience does not meet expectations.

When asked which they found to be the most convenient way to do their banking, 59% chose digital, 23 % opted for in-person, and only 9% prefer telephone. Going back to financial trust, in-person banking is regarded as being the most trustworthy for 58% of UK adults; digital banking is the most trusted for 23% and telephone banking is the most trusted for only 10%.

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