Leading reasons for opening an app-only bank account Great Britain 2024
The popularity of non-physical, app-only banks has grown in recent years in the UK, and the trend has shown no signs of slowing down soon, as banking app downloads in the UK increased in 2023. According to a survey of British people that either already had an account with a digital-only bank or intended to do so in the next 5 years, the main reasons for having such an account was the convenience of banking online, and that digital banks are easier to use.
Keeping it traditional
In the same survey, respondents that had chosen to stay with their current ‘traditional’ bank did so mainly due to a form of loyalty. Approximately half of respondents indicated that their current bank had treated them well as the main reason for not switching across to an app-only alternative. In general, neobanks are seeing an increasing number of customers switching across to their services.
Leading online banks
The UK’s migration across to using online banking has been steadily growing since 2007. As of 2022, the online banking penetration rate in the UK was 86 percent. The largest digital banks in the UK all managed to expand their customer base significantly in recent years, with Revolut leading the way.
