Almost a third (30 per cent) of UK consumers would use Amazon, Google, Facebook or Apple for banking services rather than a standard bank, new report has revealed.

The MuleSoft research found that this this figure jumped to 45 per cent for 18-34 year olds, indicating they are the happiest to embrace this potential new wave of banking providers.

When asked what would make UK consumers choose Amazon, Google, Facebook or Apple for banking services, more than half cited simplicity and convenience (55 per cent), followed by a more personalised service (33 per cent).

At a time when banks are being required to make their services more open and comply with the upcoming Payment Services Directive (PSD2), the Connected Consumer Report reveals almost half of UK consumers (48 per cent) would be happy for banks to share their banking transaction history with other providers and trusted third parties if it gave them a more personalised experience.

When it comes to open banking, 86 per cent of consumers think that banks should make it easier for them to compare products and services.

The research also revealed that just over half of UK consumers (52 per cent) believe that banks provide a disconnected consumer experience, with 55 per cent stating that they are considering changing banks as a result.

Danny Healy, Financial Technology Evangelist at MuleSoft, said: “The threat to traditional banks from the likes of Google and Facebook is real. We’ve already seen Apple and FinTech companies encroach into the payments space, drastically changing customers’ expectations around the way they pay for things.

“Financial services organisations that offer seamless experiences across digital channels and innovate as fast as consumer tastes change will win over consumers. To combat these threats, traditional banks need to open themselves up and become a part of new value chains.”

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