The Way We Bank Now 2018

The popularity of online banking has grown enormously over the last two decades.

The arrival of Open Banking and PSD2 marks the beginning of an exciting new chapter in how customers will be able to manage their banking affairs. One of the hot topics of debate in Open Banking is the speed at which the new services that are made possible by Open Banking will be adopted. Will customers be prepared to share details of how they spend their money with third parties at the click of a button? Will customers authorise non-banks to access their current account and make payments on their behalf? These are some of the key questions which will be answered over the coming months as Open Banking becomes a reality.

At this time of potentially transformative change for UK retail banking, it’s a great pleasure for EY to sponsor this fourth edition of the ‘The Way We Bank Now’. Whatever your view on the speed of uptake of Open Banking, the data collected by UK Finance for this report puts beyond any doubt the UK population is already embracing the digital banking revolution. Two points to note:

1. Over 70 per cent of adults in the UK now use online banking; and
2. There were 5.5 billion log-ins to banking apps during 2017 - a 13 per cent rise on the previous year.

As highlighted in last year’s Way We Bank Now report and confirmed again this year, there is already a clear shift from internet banking to mobile banking. This is truly a customer-led shift in behaviour as many of us are demonstrably embracing the new ways of banking which continue to become much more user-friendly. This trend will only accelerate as the banks and the FinTechs continue to invest in innovating online and mobile banking interfaces.

In the second half of this report, our Payments and Technology experts provide their perspectives on where banks may go next with innovation beyond Open Banking. Adrian Joseph, our Artificial Intelligence (AI) Leader, talks about the prospect of digital assistants which will provide us with personalised advice based on our own spending patterns. Developments like this have the potential to benefit all of society, especially those facing financial difficulties who have not benefited from any kind of bespoke financial advice in the past.

Clearly, the size and pace of these technological changes present new challenges. One primary concern is data privacy given the potential for large volumes of transactional data to be shared across the banking and non-banking ecosystem for the first time. The banks that successfully navigate these concerns first should put themselves at a competitive advantage since it will enable their customers to confidently embrace the benefits of the latest innovations across the industry.

An exciting year lies ahead for the management of personal finances and the potential for customers to lead the digital banking transformation that is happening across the UK.

Dan Cooper,
UK Banking & Capital Markets Leader, EY

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