The British Bankers' Association (BBA) has called on the government to invest more money into the rollout of universal broadband.
The BBA claims that connectivity is going to be increasingly important over the coming years, with more emphasis being placed on mobile and internet banking.
However, the adoption of online banking is purportedly being stifled by widespread poor internet access.
The organisation's research found that approximately 1.1 per cent of the population has poor internet access - equating to 530,000 adults.
Average download speeds for this proportion of the population came in at 1.4Mbps, while superfast services were only available to three per cent, which in turn caused uptake to be low.
Around 63,000 people in parts of Wales and Scotland and certain parts of England were found to have no acceptable digital access at all.
Research also found that the vast majority of those with a poor connection (330,000) said they would be willing to bank online.
Anthony Browne, chief executive of the British Bankers' Association, said: “Technology is changing our lives and banking is no different – it is now easier than ever for us to check our balances, pay our friends and manage our money.
"The rapid take up of apps and mobile banking appears to be a real game-changer for the British public.
"It is vital that the government invests more in 4G and high-speed broadband to ensure that as many people as possible can be included in the revolution that is sweeping through banking.”
The government has already invested £1.7 billion into enhancing national fixed line broadband connectivity, which aims to increase superfast broadband coverage to 95 per cent by 2017.