~ More than a third of customers would abandon their bank for an experience that combined both ~
Recent independent research commissioned by Ping Identity®, The Identity Security Company™, has revealed the fine line banks are walking with their customers. At least a third of customers would switch their banking provider for a more secure, convenient online banking experience and only 28.7% of respondents to the survey described themselves and ‘very loyal’ to their bank.
Despite the fact 81.5% of UK respondents use online banking, only 22.5% thought access to their account was ‘very secure’, and eight in ten stated that secure access to online banking was very important to them.
Nearly 60% believed that access to their bank account was ‘very convenient’ – highlighting the importance of easy to use online services. Highlighting this further, over a third (36.1%) said they would switch banks if another vendor could offer them wider and easier access to online banking services but with the same level of security.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Security remains a prevalent concern for consumers when it comes to online banking – whether they use the platform, or not. Banks need to ensure they’re not only providing these solutions, but doing so in a way that’s secure and seamless.
Of those that that didn’t use online banking (18.5%) the following reasons were given for not doing so:
- Concerns around security: 68.6%
- The log-in process takes too long: 11.9%
- I have no time to set it up: 9.2%
“These findings should send chills up the spines of retail banks,” said Jason Goode, Managing Director – EMEA, at Ping Identity. “Loyalty is dead, and if banks can’t prove to customers that their online experience is not only convenient, but also secure, then they’ll lose out to a competitor that is.”
“Customers seem to believe there has to be a trade-off between security and convenience when it comes to accessing confidential information online – it’s either one, or the other. However, that shouldn’t be the case – customers should be able to have their cake and eat it.”
“In this competitive environment, banks need to make the online banking process as seamless as possible for customers – or risk that they will take their custom elsewhere. By deploying systems that centre on a customer’s identity and recognise returning customers to give them quick and easy access, banks can avoid any exodus and allow both their businesses and their customers to truly realise the benefits of secure online access to their finances.”
 Research undertaken by One Poll. 1,000 consumers were surveyed in June 2014