Europe: online banking penetration by country 2023

Online banking penetration has seen significant growth across Europe, with Scandinavian countries leading the way in 2023. Norway had the highest internet banking penetration rate among the observed European countries, boasting an impressive 96.85 percent. Close behind, Denmark recorded a penetration rate of 96.22 percent, reflecting the strong digital infrastructure and tech-savvy populations of these nations. The Netherlands followed in third place with a 95.13 percent penetration rate, showcasing a widespread adoption of online banking services. These high penetration rates underscore the increasing preference for digital banking solutions, driven by convenience, advanced technology, and the push towards a more cashless society in Europe.

Digital banks on the rise

The emergence of digital banks has marked a significant shift in the banking landscape, with these institutions rapidly gaining momentum worldwide. Some of the largest digital banks in the world now boast over 100 million users, showcasing the widespread adoption of digital banking services. Particularly in Europe, leading digital banks like Revolut have experienced exponential growth in recent years, rapidly expanding their customer bases. The UK-based neobank has been on a trajectory of rapid expansion, reaching 40 million users in March 2024.

Attitude toward digital banks in the U.S.

Opinions on digital banks in the U.S. vary widely within the banking industry, with a growing number of bank executives viewing them as a significant threat to traditional banking models. The rapid rise of digital banks has prompted concerns about market disruption and competition, as these agile fintech players offer innovative solutions and attract a sizable customer base. In the U.S., awareness, popularity, and usage of leading neobanking and neobrokerage apps have steadily increased, underscoring the shifting preferences of consumers towards digital financial services. As digital banks continue to gain traction and reshape the industry landscape, traditional financial institutions are facing pressure to adapt and innovate to remain competitive in the evolving market.

Penetration rate of online banking in Europe in 2023, by country

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Release date

February 2024

More information

Region

Europe

Survey time period

2023

Age group

16 to 74 years

Method of interview

Questionnaire

Supplementary notes

This statistic is based on the annual EU survey on the use of Information and Communication Technologies in households and individuals. Data are collected on a yearly basis by the National Statistical Institutes and are based on Eurostat's annual model questionnaire. The questionnaire is updated each year to reflect the evolving situation of information and communication technologies.

Data refers to the share of individuals who used the internet for internet banking within the last three months before the survey. Internet banking includes electronic transactions with a bank for payment and similar activities, or for looking up account information.

*2021 is the last data published by the source.

**2020 is the last data published by the source.

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