Online Banking in Europe
In March 2018, 91% of EU5 digital population accessed some form of financial site or app. Online banking - a subset of online finance - was used by 70% of the EU5 digital population. Compared with some other industries, the banking sector is successfully adopting mobile technology, yet barriers remain, with different age groups reporting different reasons for not using mobile banking.
In this report, we examine online trends and behavioural patterns impacting the banking sector sector, using multi-platform data from France, Germany, Italy, Spain, and the UK.
Some of the insights included in this year’s report include:
- Digital consumers in Spain were the most likely to visit banking sites or apps: 85% of the adult digital population did so in March 2018. Germany had one of the lowest ratios, at 61%, but had the largest market, with 33 million visitors of online banking sites or apps in March 2018.
- Seasonality of online banking usage varied between countries: peak activity occurred in the month of January in France, Germany and the UK. In Spain that peak was in May, while in Italy it was in October.
- Penetration of mobile banking was highest in Spain and Italy: in March 2018, 48% of digital consumers were accessing banking services through smartphones or tablets almost exclusively.
- Heavy users represent 20% of the online banking audience but 71% of the total time spent on the sites. The probability to find them in different site categories varies widely: for example, in France they are 2.2 times more likely to be found on automotive sites than on social media sites.