Online banking is the new normal in the UK
As we have introduced in our previous blog post, the UK offers one of the most vibrant banking sectors in the European region. In particular, online banking is becoming increasingly significant and mobile banking is almost the new normal.
Financial services are typically among the first industries to embrace technological advances going as far back in time as the appearance of the first ATMs and credit cards.
Ever since internet systems for financial operations first became widely available, accessing one's bank account to carry out transactions, pay off credit cards, establish credit lines or invest in savings became one of the fastest-growing areas of online activities.
Fast forward to the present and more than 70% of UK residents are expected to access their bank primarily via smartphone by 2023 – already considered by most as their preferred bank access method.
Furthermore, advancements in digital banking and the ever-growing relevance of fin-tech made opening a new bank account in the UK easier than ever, with most online banks allowing to set-up an account in a matter of minutes rather than days.
For these reasons, digital banking solutions are expected to become more popular than visiting a high-street branch, as well as being an excellent tool to streamline one's access to the financial sector, particularly so for international professionals and companies.
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