More than a quarter of Brits believe Facebook will launch a banking service by 2023

More than a quarter of Brits believe that Facebook will offer a banking service within the next five years.

The research, published on the 15th anniversary of the social media giant’s launch, revealed that 29 per cent of UK consumers believe technology companies such as Facebook and Amazon will offer high street banking services by 2023.

Read more: RBS' new digital bank to be called Bo

A total of 20 per cent of the 2000 UK adults surveyed said they believed online-only banks would completely replace high street banks in the same period. 

However, the survey by Walnut Research commissioned by Israel’s Bank Leumi, showed that 87 per cent of respondents would be concerned if bank branches were to disappear from the high street, and 51 per cent trust physical branches more than digital banks.

Michal Kissos Hertzog, chief executive of Pepper, Bank Leumi’s mobile bank, said: “The challenge facing high street banks is big, especially when needing to compete against major tech companies in the future.

Read more: HSBC, Goldman and Lord Fink back City fintech firm Bud

“Banks need to improve and offer the best and most convenient, simple, smart and personalised digital services to meet changing consumer demands.

“They can’t create just another banking app; instead they need to build a whole new banking experience. This will be how banks not only survive but also thrive.”