Stories | July 19, 2018

Beyond banks? No thanks, say three in five

Using a smartphone or tablet for everyday money transactions is increasingly popular in Europe, the USA and Australia, ING research shows.

Many people are taking up mobile banking, shopping and paying, with a diversifying range of service providers to choose from. Yet 58% in Europe – so far – say they have stuck with their current bank.

The finding is from the ING International Survey Mobile Banking 2018, which asked nearly 15,000 people in Europe, the USA and Australia about their preferred ways to pay as well as attitudes to the burgeoning services available online or on a mobile device.

The shares who “only use their main bank” for a range of money services are highest in Luxembourg (76%) and Belgium (73%), lowest in Turkey (50%), Germany (54%) and Poland (54%).

Why go beyond banking?
Overall, one in five (21%) across Europe have transferred money via organisations other than their main bank in the last 12 months. Fifteen percent have sought out a third party to make peer-to-peer payments. Thirteen percent have gone beyond their bank to access further digital banking services, and nine percent have gone to a different organisation than their primary bank to borrow money.

Results are similar in the USA and Australia.

When asked, many people say they want an ability to make payments any time, and to increase the convenience of their transactions. Others say they want to manage their money independently, or get a single view of their finances (perhaps with a mobile app not available from their primary bank).

When it comes to payments, whether online or in a store, people in all countries are taking a diverse approach to how they pay. The share of physical cash payments in-store is still relatively high, with card payments leading for online, but growing numbers are taking advantage of a range of mobile technologies, from apps that are available in several countries, like Twyp or Boon, to local interbank solutions such as the Netherlands’ iDeal.

Cards first, then PayPal
For online transactions, the proportions are 42% credit or debit cards, 32% PayPal, 11% pay-on-delivery and 11% a wide range of local payment methods. High shares cite convenience, availability, absence of fees, help managing their money, comfort with security and device compatibility as the key reasons for adopting mobile transactions.

Only 13% in Europe say they “would never use” PayPal, one of the most established online payment methods. Just five percent say this in Italy.

Of those who say they would not use any of the seven suggested digital ways to pay, 44% say “I always have my card or cash with me anyway”. Forty-two percent say they do not see any added value compared to the payment methods they currently use. Download the full report.

Ask a question about our research by emailing ING eZonomics behavioural scientist and report author Jess Exton at

eZonomics team
.(JavaScript must be enabled to view this email address)

EuropeMobile bankingResearchFintech

This article is related to the ING International Survey:

Mobile Banking 2018

Mobile Banking 2018

July 19, 2018

Many people are now banking, shopping and paying on a smartphone or tablet, with a smorgasbord of service providers vying for their custom. The ING International Survey Mobile Banking 2018 asks nearly 15,000 people in...