Listen: pandemic drives millions to try online banking

According to a new report identifying different consumer finance tribes, the pandemic has spurred a significant shift
in preference for digital services in just 18 months, which may have otherwise taken years to achieve.

Today cloud banking platform Mambu releases its new report, titled ‘The Financial Tribes You Need to Know’,
which finds two in five (41%) global consumers started using online and digital banking services for the very first
time because of the pandemic. Consumers only just getting to grips with digital banking are identified as
‘Techcelerators’, one of five consumer finance tribes identified in the report. Despite the UK’s technological
prowess, this tribe is found to make up over a third (36%) of UK banking consumers, higher than the global
average of 33%.

The report also revealed that, in close second to the Techcelerator tribe, consumers in the UK strongly identify as
Ethical Bankers (35%), above the global average of 31%. With 69% saying they are more likely to choose a bank that
places purpose over profits, it’s clear that the rising trend of social and environmental awareness in the UK will only
continue to put pressure on banks to do better.

Aston spoke to futurologist Tom Cheesewright.

Photo by Colin Watts on Unsplash