Customers more wary about banking online over fraud and privacy concerns
Mobile banking is losing its shine, the latest figures suggest.
Customers are less likely to recommend the most popular online banking services than they were 4 years ago, according to analysis of official data.
Finder’s analysis of surveys about the 10 most popular banking providers in Great Britain shows that the percentage of customers willing to recommend their online and mobile banking service dropped by an average of 5% between August 2020 and February 2024.
The scores are based on a regular survey of 1,000 people, and published every 6 months by Ipsos on behalf of the UK’s competition watchdog, the Competition and Markets Authority.
In a separate poll by Finder of 2,000 UK adults this month, 50% said they feel more wary about online banking than they did 4 years ago – and the biggest reason was concern about fraud. 1 in 10 believe banks collect too much of their personal data, jumping to just over 1 in 5 of those in gen Z.
The figures show how far banking has to go to gain trust, which experts believe is the key to offering better, more personalised services. Finder has published a report on personalised banking, featuring the research.
What is personalised banking?
In the days of branch banking, personal service was a natural part of the relationship with the local branch staff. But as services have moved online, personalisation hasn’t always followed.
Experts believe that customers are increasingly demanding a more personalised experience. But lack of trust is stopping banks from developing more personalised services – customers are wary of sharing their data.
What’s next for banking?
The latest figures suggest banking brands need to act to stop satisfaction with online services continuing to slide. Those who manage to offer a more personal experience to their customers are likely to win out, but they first need customers to trust them with their data.
About the author
Kate Steere is an editor at Finder.com, specialising in banking and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate is regularly quoted in the national media about banking, fintech and mortgages.
This article originally appeared on finder.com/uk and was syndicated by MediaFeed.org.
