Digital banking is always described as on the rise or incoming, but that is not the case. According to a European study from Mastercard, it is already here.

Digital banking services, if it was not already apparent, have fully integrated with consumer life in Europe. Mastercard looked at 11 markets across Europe and found that six out of seven people use digital banking solutions at least once a month.

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Furthermore, 38% use the services on a weekly or daily basis. Mobile banking apps from traditional banks are used by 63% and 20% from digital-only banks.

Security was the most important factor for 67% of respondents. In comparison, only 39% thought the same when asked the same questions two years prior.

Convenience was considered less important that two years ago (43% in 2019 to 33% in 2019). However, it is still considered to be the biggest advantage of digital banking solutions due to them being time-saving (66%) and easy-to-use (65%).

In addition, 63% of those asked believed that the demand for mobile solutions will increase in the future due to their simplicity and convenience.

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Jason Lane, executive vice president, market development Europe at Mastercard, said: “The study underlines that digital banking through traditional and digital-only banks is the new normal for most Europeans. They want digital products that are easy to use and secure at the same time. We believe strongly in collaboration to bring out the best in digital innovation and are proud to be the leading partner of choice for a continuously growing number of digitised banks helping them to deliver safe and convenient digital payment solutions.”

Collaboration in Europe for digital banking

More than 90% of Europeans believed that collaboration and partnerships were the way forward for innovation.

Mastercard has doubled the amount of partnerships it has with digitised banks over the last two years. It partners with more than 60 players and 75% of respondents think that the firm is the right partner for them. This was due to safe and secure technology (28%), reliability (23%) and its innovative products (22%). Currently, Mastercard works with players such as Monzo, Revolut and Holvi, as well as incumbents such as ING.