British consumers are more inclined to use digital-only challenger banks as a result of the pandemic, but issues around trust and demand for in-person services remain obstacles for UK neobanks, as they look to shore up more market share and boost profitability, according to consumer research platform Attest.
One thousand consumers from across the UK were surveyed by Attest in early June exclusively for The Banker. More than three quarters (77%) of respondents said they banked with established high street names such as HSBC, NatWest, Barclays, Santander, RBS and Lloyds Bank, while another 40% used smaller banks or building societies such as Metro, Nationwide, Halifax and TSB.
