Explore reading: Online banking Read the article about digital-only banking in the UK. First decide whether the statements (1–6) are true (T) or false (F) and put a cross ( ) in the correct box. Then identify the sentence in the text which supports your decision. Write the first four words of this sentence in the space provided. There may be more than one correct answer; write down only one. The first one (0) has been done for you. 27 Digital banking adoption How many people are switching to digital-only banks? Would you switch your main current account to a mobile-only bank? People all over the country are increasingly opening bank accounts with digital-only banks which have no bricks-and-mortar branches and allow you to control your finances from your phone. Every year we carry out digital-only banking adoption research to see what stage this potential revolution is at and to get a feel for what the British public thinks. This year’s research showed that currently, around 12 million Brits have a digital-only bank account, and this number could almost double over the next five years. Digital banks aren’t all about banking, though. Some digital banks also allow you to open a share trading account to trade stocks and shares commission-free. According to our survey, 14% of Brits plan on opening a digital-only bank account within the next 12 months, and 7% intend to do so within the next five years. This means an estimated 11.2 million new accounts will be opened by 2025 and a total of 23.2 million Brits (44%) will have an account by 2025. We asked Brits who have already opened an account with a digital-only bank or intend to in the next five years why they made this decision. For the second year in a row, the convenience that comes with digital banking was named as the main reason for opening an account (41%). Customers are also motivated by better rates that digitalonly banks may offer, which is the second most popular reason for Brits opening an account (39%). The third most attractive reason is the low transaction fees when using these bank cards abroad (28%). For now, it seems that a lot of people still have no intention of switching to a digital-only bank account. 54% of our survey participants said they don’t plan to do so. The top reason for Brits not going digital is that their current banks treat them well (65%). In addition to this, half of customers who have no plan to go digital (51%) said that they value being able to visit a member of staff in a branch. As you might expect, the number of digital-only bank account holders is higher within younger age groups. Almost half (46%) of generation Z (those born after 1996) have a digital bank account, compared to just 12% of baby boomers (those born 1946–1964) and 2% of the silent generation (those born 1928–1945). A quarter of men (25%) have an account with a digital-only bank, compared to just 1 in 5 women (20%). Additionally, men are more likely to go digital-only, with 24% aiming to open a digital-only account in the next five years and only 19% of women intending to do so. Londoners have the highest adoption rates in the country, with 39% of them having opened a digital-only bank account. This is over double the rate in Wales, where only 16% of people have opened a digital-only account, making it the most reluctant region to get involved with the banking trend. Statements True False First four words 0 Digital banks can offer services outside of current and savings accounts. 1 By the end of 2025, there will be an additional 23.2 million digital-only accounts. 2 Lower debit interest rates are one of the top reasons customers are attracted to digital accounts. 3 Over half of all the participants in the study said that they appreciate face-to-face interactions in a bank. 4 The relationship between age and the probability of having a digital account is unsurprising. 5 Currently, men are twice a likely as women to have a digital-only bank account. 6 There are no significant regional differences in the adoption of digital-only accounts. Digital banks aren’ t all 70 Language skills Extras Explore 5 It’s an online world Nur zu Prüfzwecken – Eigentum des Verlags öbv
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