Bank Services: Digital Technology
The question
To ask the Chancellor of the Exchequer, what percentage of personal banking transactions are completed digitally for each of the past 3 years.
Answered by Lucy Rigby
Whilst the Government does not hold data on the percentage of personal banking transactions that are completed digitally for each of the past 3 years specifically, the Financial Conduct Authority’s Financial Lives Survey collects data regarding digital banking on a biannual basis.
According to the most recent Financial Lives Survey, in May 2024 93% of UK adults banked online or using a mobile app. This included 83% of adults aged 75+. This increased from 88% of UK adults who banked digitally in May 2022, 85% of UK adults in May 2020, and 78% of UK adults in 2017.
According to UK Finance’s report on the UK Payments Market, in 2024 for the first time, more consumers used mobile banking accessed via phone than online banking via laptop or desktop computer. 75% of UK adults are users of mobile banking. This led to a growth in Faster Payments to 5.6 billion payment transactions, increasing by 14% compared to 2023, overtaking cash and Direct Debit as the second most frequently-used payment method in the UK.
More information on digital payments over the last three years can be found in the annual summary documents on UK Finance’s website.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →