Brits unmoved by new digital challengers

Very good. But can it really be necessary to for almost 50% of the population to log in every day? Novelty value - or mobile payments counted as e-banking logins? In any case a huge e-habit value worth to use also for login to public sector and other services needing strong e-id. Time for banks to create 4-corner network for e-id services..

Per se 14% is not a small number. Just 5%* of US shoppers moved from brick-and-mortar stores to Amazon and see where Amazon is today. OTOH, it's not clear whether the switch from traditional banks to challenger banks is as much of a change as that from brick-and-mortar retail to ecommerce.

*: 8% of US retail sales happens online, of which Amazon has 3/5th share, so switch-to-Amazon % = 8%*3/5 = 4.8% = ~5%.

WP: Actually, given that there is currently no digital bank in full production with a current account, I would say 14% is astronomical! This is one of those stories that will be used in five years to show how far we've come.  Would i switch today? No. Will I switch as soon as possible (but no earlier) - absolutely.

Dear Bo, you are quite right, look at Sweden and the 4 box model Bank ID scheme: More than half of the population  use it on a daily basis for banking, gov services like NHS & tax reports, insurance matters, community services... making e services more accessible and secure. Yet most customers do not switch to a challenger bank, they may use an additional service from a challenger but rarely switch the current account even though almost all challenger banks in Sweden offer current accounts and debit cards today. Some of them have actually discontinued current accounts now due to poor uptake for a decade. Do not underestimate the force of brand loyalty and marketing. People tend to re-buy the same brand of sports sneakers, cars, blue jeans, washing detergents, supermarkets, ketchup, cereals, soft drinks, petrol stations... Lack of competition as the authorities say about banking?  If so there is a huge competition deficit in almost every sector of consumer goods/services. Or pleased enough customers?

Tank you Jan-Olof! E-banking is indeed widely used for logging in to other services - like public sector and enterprises needing strong e-id - 85 million times last year in smaller Finland. Sweden should thus be som 150m times. Any figures available?