Of more than 11,000 people quizzed across 11 European markets, 84% use digital banking at least once a month and 38% at least once a week. Nearly two thirds use banking apps from traditional providers but one in five now use digital-only banks.

As banking becomes increasingly connected, people demand security more than ever before, with 67% naming it their most important criteria for using digital banking solutions.

Meanwhile 66% say that the biggest advantage of going digital is that it saves time, and 65% cite ease of use. A similar percentage think the demand for mobile will increase because it makes transactions simple and convenient.

More than half of those surveyed say they would consider switching to a digital bank. However, with traditional banks offering more digital services, an increasing number of respondents say that they will stay with their provider (39% compared to 32% in 2017).

PSD2 and Open Banking continues to fail to cut though, with 85% of respondents having little knowledge about it. But, there is support for an app that lets users see all their accounts with different banks in one place.

As tech firms continue to encroach on bank turf, the survey shows that incumbents still have a big trust advantage. Some 70% of Europeans see banks as their go-to source when it comes to information about managing money.

Jason Lane, EVP, market development, Europe, Mastercard, says: "We see that Europeans are very much interested in connected and personalized financial services which make their banking easier and more transparent. The Open Banking initiative will help drive these innovations.

"As trust is a key success factor, banks are in the pole position for providing such solutions to their customers as people trust them more than any other peer groups or institutions when it comes to managing their money."