UK consumers want more digital money management tools from their bank amid cost-of-living crisis

Ellie Duncan
09 Jan 2023

More than half of UK consumers would like their bank to “proactively contact them” if their spending habits indicate they are heading into financial difficulty, as new research suggested banks’ customers would make use of budgeting tools.

Digital transformation specialist GFT UK’s latest Banking Disruption Index also revealed increased levels of anxiety among consumers when checking their banking apps, as a result of the cost-of-living crisis.

The Index, which is a quarterly assessment of consumer attitudes towards their bank’s digital capabilities, found that 77% of consumers feel anxious when they go into their banking app to check their balance, rising to 86% among those aged 16 to 25 and 25 to 35-years-old.

Meanwhile, 87% of 35- to 44-year-olds reported feeling apprehensive when it comes to checking their bank balance in their banking app.

Among the 2,000 consumers polled, 57% would like their bank to inform them if their spending habits pointed towards ending up in financial difficulty.

When it comes to digital tools that might help them manage their money, the most popular among respondents were options to flag upcoming bills and whether they had enough money to cover them, at 26%, while 22% would like daily or weekly insights into where their money has been spent and 21% indicated a preference for instant notifications after spending.

Richard Kalas, client solutions director, retail banking at GFT UK, said: “Our data tells us that consumers want more tools to help protect their money this winter.

“People are facing a difficult start to 2023 financially and banking apps must incorporate more budgeting features to help in every way possible.”

He added those banks that offer the best digital methods to proactively support customers with their money will be rewarded with increased loyalty.

Despite increased anxiety among consumers, 37% continued to check their banking app everyday, while a further 27% check it every two to six days.