Kieran Hines, analyst at Celent, said there has been growing demand for digital banking services over a number of years. “While it is sensible to focus on the millennial group, given the kind of products and services generally in need across this group, digital engagement is growing across all segments and this all supports the case for continued investment in digital in any bank,” he said.

“Undoubtedly, though, this growing preference for digital-led banking services will be good news for new entrants and digital-only players, but is really an opportunity for the whole industry to better target the needs of customers.”