Online consumer finance in the UK: Banking on the new generations

94% of adults who accessed the internet in the UK also accessed a consumer finance website or app in December 2019; fintech apps such as Revolut are among the fastest growing finance apps.

LONDON, UK, 25 February 2020 – Comscore today announced it has published its latest research: “Online consumer finance in the UK: banking on the new generations”. This white paper leverages multi-platform data in the UK to highlight online trends impacting the consumer finance sector.

Online banking adoption in the UK is among the highest in Europe. It is also rapidly moving to mobile devices. The industry has a history of anticipating shifts in consumer behaviour and delivering innovative solutions – it enabled e-commerce at a time when consumers were still hesitant to buy online. Yet the emergence of fintech alternatives has the potential to become an existential threat for incumbents by unbundling services that act as a gateway to more profitable services.

“Over the past two years the consumer finance sector has been rocked by the arrival of fintech alternatives such as Monzo.” said Guido Fambach, executive vice president, EMEA and APAC at Comscore. “For traditional financial service providers, the enthusiastic adoption of fintech alternatives among young adults jeopardises long term revenue growth. However, marketers in the consumer finance industry will also find in the report valuable information about the preferred online activities of their target audiences.”

Key questions covered in this report include:

• What financial services do consumers in the UK access online?
• How do consumers access financial services online? What does it say about long term behavioural trends?
• How fast are younger demographics adopting new fintech solutions?

To download a copy of Comscore’s 2020 “Online Consumer Finance in the UK: Banking on the new generations” report please visit www.comscore.com/finance-uk.

About Comscore
Comscore (Nasdaq: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry’s emerging, third-party source for reliable and comprehensive cross-platform measurement.

Alex Gevers
Comscore, Inc.
worldpress@comscore.com