Consumer opinions on traditional and neobanks in the UK 2022

Roughly six out of 10 respondents in the United Kingdom prefer traditional banks over online banks because of the better customer service. This according to a survey carried out in April 2022 in 10 different countries across North America, Europe and Latin America. Based on the survey, this was the primary reason of respondents favoring traditional banks. 57 percent of the respondents agreed that they prefer traditional banks because they like physically visiting the branch and being advised by professionals, making it the second most common reason for leaning towards traditional banks. Nevertheless, with traditional banks closing, 36 percent of the respondents would consider switching to online banks.