Research from RFI Global reveals a significant shift in consumer banking preferences, with neobanks' market share soaring from 16% to 50% from 2018 to 2024. The survey indicated that a rising number of consumers now prefer digital-only banks over traditional institutions, especially among younger generations like GenZ and millennials who favor convenience and digital features. Meanwhile, traditional banks maintain resilience but face challenges as Neobanks gain momentum and capture essential market demographics. Additionally, attractive rewards have influenced consumers to switch banks more freely than before.
While neobanks are gaining ground, traditional banks still dominate. However, neobanks are increasingly popular, especially among younger consumers who appreciate their digital conveniences.
RFI's research indicates that the percentage of adults using digital-only banks rose dramatically, demonstrating a shift in consumer preference towards convenience and rewards.
Everywhere you look neobanks are becoming a bigger part of the system, showing their potential to challenge the traditional banks within the next decade.
Today UK consumers are more likely to switch banks for attractive deals and rewards than in the past when changing banks was much rarer.
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