Despite the undoubted growth of UK fintech, it seems that "digital disruption" in the UK banking sector might not be happening as quickly as previously thought.
A new survey conducted for ACI Worldwide by YouGov found that 82% of those surveyed do not use mobile payments services like PayM and PingIT during an average month. Indeed, 59% never use mobile banking in the course of a month.
There is little appetite for new banking services either, with 78% saying it’s unlikely they would use banking services from tech giants like Google, Apple or Facebook, and 88% having no intention of changing banks in the next year.
That’s not to say there is no digital disruption occuring. 50% of respondents regularly used third-party payment providers such as PayPal, 76 percent of current account holders online are using Internet banking at least once a month and 29 percent of UK consumers are now paying regularly via contactless cards.
Over half of the London respondents, 56%, use contactless payment every month.
Dean Wallace, Global Business Lead, Mobile Payments, ACI Worldwide said that the slower take up of digital services "could be because e-services offered by most UK retail banks today are simply not compelling or different enough for the majority of customers to change bank account providers.
"It is now that banks need to differentiate themselves from their competition and find ways to better attract and retain their customers. In terms of providing easily accessible and flexible services, banks need to focus on those opportunities that exist and grasp them quickly."
The survey was taken of 2000 UK residents.
