The pace of change in UK digital banking accelerated rapidly after the onslaught of COVID, with the number of active digital users doubling since 2019 (first chart). This underscored the shift in consumer behavior and the industry’s ability to scale digital access at pace. But that explosive growth is now showing signs of plateauing.
Proportion of Active Current Account Holders Using Digital – UK
Autumn 2024 eBenchmarkers Analyser Digital Banking
Year-over-year app logins are declining across the board, with the trend most pronounced among younger cohorts (second chart). Perhaps most notable is the yawning gap between logons and action: more than 70% of sessions result in no meaningful engagement. These indicators suggest that while access has been widely achieved, relevance is now the coin of the realm.
Change in Monthly Mobile Logon Frequency (Oct ‘24 vs Oct ’23) – UK
Autumn 2024 eBenchmarkers Analyser Digital Banking
Winning in this new phase of digital banking will require players to evolve from enabling access to delivering value. That means designing personalized, action-oriented experiences that deepen engagement—particularly with younger users whose loyalty is still in play. How? By having a line of sight into the journeys and performance of active digital users, enabled by platforms such as Curinos’ Digital Banking Analyzer and eBenchmarkers Digital. Along with accompanying expert advisory services from Curinos, they can help financial institutions go deeper than surface-level metrics and toward strategies that drive primacy.
The next wave of digital success won’t be about getting customers onto the app—it will be about giving them a reason to stick around and come back.
