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IRUK Top500 The Customer Report: 2018

IRUK Top500 The Customer Report: 2018

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Consumers still apprehensive about smartphone banking apps

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We may be moving into an increasingly digital age, but it seems for many people banking on their smartphone is still a step too far – according to a new poll. The survey, by payday lender FridayFriday.com, found that just under one in five (18%) consumers were happy to make payments through banking apps, yet just under three quarters (84%) were confident banking online.

There has been a flurry of new payments apps in recent months, with most major banks providing free apps for both smartphones and tablets, however it seems many still fear security breaches and instead prefer to bank online, over the phone or in person.

Despite stringent security controls 82% of those polled said they felt they were more likely to be the victims of fraud when banking through a phone than by using a computer.

An old fashioned 23% stated that they still preferred walking into a local branch to carry out all banking transactions, with 11% preferring to deal with their bank over the phone.

A spokesman from FridayFriday.com said the results showed that for some making detailed banking payments via their mobile, was viewed as too much of a risk, regardless of the reality.

He said: “Nowadays there is an app for pretty much everything and with consumers more pressed for time than ever before it is no wonder that banks are keen to offer mobile apps to help them deal with their finances on the go.

“It’s taken years for consumers to come to terms with banking developments, firstly from branch to phone and then from phone to online and it seems that it may yet take some time before the majority of consumers are happy to conduct their banking business on their smartphones.

“Interestingly, what we noted was whilst most of those polled said they preferred to bank online and felt more at risk of fraud on their phones, the majority also rationalised that the two would be operating similar security systems. Simply put, they knew that the phone should be as safe but just didn’t feel that it would be.

“It always takes time for consumers to adapt new ideas and this is likely to take longer with banking products because it is something they feel particularly vulnerable about.”

He concluded: “It was also interesting to note that more people preferred braving the lunchtime queues and going into a branch than calling a 24-hour helpline, it’s possible dealing with a person face to face made them feel more secure.”
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