PUBLISHED DATE: 2025-08-14 23:21:21

Banking in the United Kingdom

People in the United Kingdom are generally satisfied with their current financial institution, but they are less engaged with their bank compared to other countries. This is reflected in the relatively low percentage of people considering changing banks in the next year. However, UK consumers are also among the least likely to seek advice from family and friends when making important financial decisions, relying instead on information provided by industry sites when comparing offers.

Are you considering changing banks or financial institutions in the next year?

When looking for information on banking or financial services, 72% of people in the UK say they look to official sources, such as their bank’s website or a reputable industry portal. Sixty percent of respondents find their bank’s website helpful for research purposes. Most people in the UK do not seek input from family and friends when researching financial products. Globally, consumers generally find information provided by family and friends less helpful than information provided by industry sites.

Helpfulness of Information Sources (Global Average):

Helpfulness of Information Sources (United Kingdom):

Though consumers are less at risk of switching banks, they are also less likely to be satisfied with the digital channels widely adopted elsewhere.

Satisfaction with Digital Channels (United Kingdom):

Globally, 77% of respondents communicate with their bank most frequently via a mobile app or website. In the United Kingdom, 83% of respondents interact with their bank most frequently via a digital channel.

Most Frequently Used Channels (Global Average):

Dissatisfaction typically occurs when people are unable to complete a transaction or get the information they need. Lack of advanced features and slow response times are also common sources of dissatisfaction, especially when using digital channels. In the United Kingdom, 45% of respondents are dissatisfied with their ability to get the information they need from their financial advisor in person.

Common Reasons for Dissatisfaction (United Kingdom):

People generally prefer to use digital channels for the majority of their banking activities, but they are less satisfied with the quality of the digital experience.

Preference for Digital vs. Physical Channels (United Kingdom):

Twenty-seven percent of consumers globally have a bank account with a digitally-only bank. In the United Kingdom, the figure is among the lowest globally.

Do you currently have a bank account with a digitally-only bank?

Globally, people who choose to open an account with a digitally-only bank are most often motivated by the ability to access new, innovative, and efficient customer service. The most important reasons include better, competitive rates; access to new, innovative products and services; better customer service; more efficient customer service; better digital experience; better rewards programs; better security; and better mobile app.

E-commerce in the United Kingdom

E-commerce continues to be a routine part of shoppers’ lives in the United Kingdom. 68% of shoppers in the UK say they shop online at least weekly, and 41% say they purchase from multiple brands and retailers multiple times a day.

Online Shopping Frequency (Past Year):

Shoppers in the United Kingdom are less likely to say they will shop online more in the future, and more likely to say they will shop about the same amount as now.

Future Online Shopping Intentions:

In the first half of 2021, 81% of UK shoppers purchased online. Online marketplaces are the most popular choice to make a purchase (62%), followed by individual retailer websites (59%) and social media platforms (17%).

Channels Used for Online Shopping (Past Six Months):

In the United Kingdom, consumers are most likely to shop online using a desktop/laptop (52%), followed by smartphone/mobile (35%) and tablet (17%).

Device Used for Majority of Online Purchases:

Consumers prefer to shop with brands and retailers that provide quick and free returns. Fast shipping (56%), secure/unique ways to pay (48%), and loyalty programs (41%) are primary drivers of brand choice.

Features That Increase Likelihood to Buy from a Brand:

Shoppers are most frustrated by out-of-stock products (77%), poor search functions (60%), and slow website loading (57%).

Biggest Frustrations with Online Retailers:

Consumers are confident in their ability to seek out new suppliers (56%) and try new brands (54%) when not satisfied with an existing brand or retailer. Sixty percent say they have bought a product online they had not bought in person. However, less than half (47%) feel that online shopping is as enjoyable as shopping in-store.

Attitudes Toward Online Shopping:

More than half of consumers (57%) like to see recommendations for products based on their shopping history, and 54% like to see new products and brands when shopping online. Local online experiences are important, with 54% saying they like to see products and brands available in their country.

Attitudes Toward Online Shopping Experience:

To improve the shopping experience, consumers prefer features like curated recommendations, personalized offers, enhanced search, and streamlined payment and checkout options.

Desired Features from Online Retailers:

Telehealth in the United Kingdom

Fifteen percent of UK respondents say they have used telehealth services, one of the lowest rates in Europe and well below countries where use of telehealth is much more common.

Have you ever seen a health care provider using telehealth?

In the first half of 2021, 31% of patients globally say they have had a visit with a doctor or other health care provider, though fewer in the United Kingdom sought medical visits during this period.

In the past six months, have you had a visit with a doctor or other health care provider?

In the past six months, have you delayed or put off seeing a health care provider?

While the majority of this was driven by personal choice, 17% of patients say they were unable to see a provider in person or via telehealth in their region.

Where did you see your health care provider?

Exposure to COVID-19 remains a concern for patients, but other factors are also contributing to delays. COVID-19 exposure is the top reason for delaying care globally, but in the UK, lack of availability and long wait times are the most common reasons for delay.

Reasons for Delaying Care:

Patients in the United Kingdom anticipate using telehealth services less often (24%) after the pandemic subsides.

After the COVID-19 pandemic has subsided, do you think you will use telehealth services more or less in the future?

Telehealth Usage Intentions by Gender (United Kingdom):

Telehealth Usage Intentions by Gender (Global):

To improve telehealth experiences, patients in the United Kingdom would like to see the ability to schedule or view appointments online, access to a complete view of their health history, and the ability to manage all aspects of their health care journey in one place.

Desired Services to Improve Telehealth Experience:

Women in the UK are slightly more open to using telehealth more in the future.