Year Published: 2021
Date Published: 13/05/2021
Author/s: Lloyds Bank
Research Link: https://www.lloydsbank.com/banking-with-us/whats-happening/consumer-digital-index.html
Methodology: Two datasets: behavioural and transactional data for 1 million UK consumers; a subset of this group is taken and 2,700 consumers are surveyed via telephone, which allows matching survey data to behavioural data; survey data has been weighted to be nationally representative; the sample of 1 million consumers is generated from an anonymised dataset of 30 million people across Lloyds, Halifax, and Bank of Scotland; in 2016, the research included 28 in-depth interviews with unbanked people
Key Takeaways:
The COVID-19 pandemic has resulted in a major increase in digital activity since 2020. 14.9 million people have a very low Digital Index Score (29%) vs 21 million (41%) with a high Digital Index Score. But overall, digital engagement is increasing. 1.5 million MORE people are online. More than 1/3 of UK benefit claimants have Very Low digital engagement.
The Consumer Digital Index is the UK’s largest measure of digital and financial lives, and was published for the sixth time in May 2021. The report uses a blend of transactional and survey data allowing data-matching of behaviours with attitudes – to date over 16,000 consumers have been spoken to.