A study from payments solutions provider, Mastercard has revealed that six out of seven (84%) Britons use digital banking at least once a month. The study was announced at the ongoing Money 20/20 Europe conference in Amsterdam.

The study conducted across 11 countries also reveals that the most important criteria for using digital banking solutions is security (about 66%), though about 58% associate time saving and simplicity as the main benefits as banking becomes increasingly digital and connected.

The study also showcases a rise amongst millennials (aged 18-29) about the advent of digital banking though there is considerable doubt about its security with 58% saying they would consider switching digital banking only in the future.

Simplicity is also at the core of the whole issue as 38% of British customers would like to access or at least be displayed all their savings and current accounts from multiple in a single portal.

Jason Lane, Executive Vice President, Market Development Europe at Mastercard, said: “The study underlines that digital banking through traditional and digital-only banks is the new normal for most. They want digital products that are easy to use and secure at the same time. We believe strongly in collaboration to bring out the best in digital innovation and are proud to be the leading partner of choice for a continuously growing number of digitized banks helping them to deliver safe and convenient digital payment solutions. Through our trusted partners we are able to provide consumers a network with the latest in digital payments security to give everyone peace of mind when using a digital payment solution. “

Jason Lane spoke about the Opening Banking initiative adding that for Europeans, connected and personalised financial services are at the core of their banking needs and how the initiative will help drive these innovations.

Lane added, “With its suite of services, Mastercard fully supports the transformation taking place in the industry as our partners ready themselves to take full advantage of the opportunities offered by Europe’s PSD2 legislation. Our new services will make it easier for banks and third-party providers to work together, enabling open banking to excel. “ 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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