A new research study has found that about 53% of the total consumers are using or willing to shift to online banking or mobile only banking system in the UK.
The research, commissioned by data management platform (DMP) company Relay42, has found that 27% of the total respondents have already moved, while 26% are mulling to switch to digital banking.
Relay42 industry head finance Julius Abensur said: “The banking sector is undergoing significant change, in terms of shifting customer demands and expectations, as well as factors such as legislation and regulation.
“Customers are on the precipice of embracing future technology and new products, which means their existing banks need to keep pace with demands and innovation to ensure customer loyalty and competitiveness.
“Very often, the solution lies in orchestrating technology to create a relevant online experience and deliver personalised offers and service quality.”
About 58% of the respondents cited better online experience and functionality as reason for switching to digital banking, while attractive finance rates or fees and better quality of service were stated by 29% and 28% of the respondents.
Furthermore, only 13% of respondents expressed reluctance to use new technologies for their banking activities.
Nearly 56% of the respondents stated that they will remain loyal to their banks provided they are offered customised services based on their personal interests and behaviours.
However, 69% of the people surveyed said that they can change banks given the right motivation.
The research, conducted by Censuswide, included 2,019 people across the UK who were interviewed online in September and October this year.