Marqeta Study

UK Consumers Embracing Embedded Finance As New Payment Solutions Reach Mainstream Adoption - Seite 2

Marqeta’s study goes on to show that, while demand for digital and embedded finance services is moving into mainstream adoption, when it comes to banking preferences, UK consumers remain resolutely committed to their primary or traditional banks. Eighty-four percent of respondents said they used traditional banks as their primary providers, with 41% stating that they had remained with their bank for over 10 years. A further 77% of those surveyed said they had no intention of changing their primary banking provider. The vast majority of respondents use their primary bank provider for debit card (77%) or savings account (53%) services.

Notably, however, UK consumers are balancing their loyalty to their primary banking providers with their desire for superior user experiences for certain capabilities. The Marqeta study reveals that 43% of UK respondents would now consider getting financial services from non-financial providers including tech companies, social networks or retailers.

Parker continues, “We’re at an inflection point when it comes to legacy providers coexisting with new-age payment services. While our report shows a current balance between traditional and digital-first, embedded finance is challenging companies to think about how they build payment solutions into their offerings. Long-term consumer loyalty will depend on who can provide the most exceptional end-to-end user experiences.”

Download the full report here.

About the research
The survey was performed on behalf of Marqeta by Propeller Insights, in February 2023. Marqeta surveyed 4,091 consumers (2,013 in the United States, 1,013 in Australia, 1,065 in the UK) between the ages of 18 and 64.

About Marqeta
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 40 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.