Banking sector continues to develop while digital-only startup banks are losing grounds

According to the most recent half-annual “Global Digital Banking Report” of global FS intelligence specialist, RFi Group, there has been a significant change in the tastes of consumers when it comes to digital banking during 2017. The research shows a substantially increasing interest in the digital services provided by traditional banks over the same offered by digital-only startup banks:

  • the global interest for digital-only startup banks has declined by 11% (being 74% in the first half of 2017 and dropping to 63% during the second half), and the preference for digital-only Main Bank has declined by 6% (from 50% to 44%)
  • meanwhile, the trust in traditional banks has increased from 31% in H1 to 42% in H2 of 2017
  • the proportion of people using digital banking on a weekly and daily basis has marked a 10% increase in the second half of 2017 to 68% and 34% respectively.

Despite the emerge and rapid development of digital-only banks during the past several years, traditional banks offering innovative digital solutions still dominate the market. According to the same survey, the main reasons why people prefer to place their trust in traditional banks are that they are more reliable when it comes to the security of private data, and they offer more versatile solutions where consumers are provided with a channel choice which includes both traditional and digital offerings.

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