Mobile and online banking favoured by most, survey finds

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10th April 2015 15:52 - Financial Services

A recent survey of the banking and financial sectors has found that the most favoured method of banking, in the UK and US, is online (36 per Mobile and online banking favoured by most, survey findscent) and via mobile (29 per cent).

The findings indicated that the sectors were adopting measures to understand the behaviour and worries of customers.

The survey of 600 customers of the top five banks in the UK and US showed that the more functionality the banks incorporate, the more people use web and mobile banking.

Vice President of products at BioCatch, Oren Kedem, said of the findings: “We’ve seen an uptick in online and mobile adoption rates among banking customers over the past few years and expect this trend to continue at a rapid pace as banks continue to improve their functionality. “The main thing that banks need to contend with when adding functionality, is the increased chance for security breaches that comes along with it. BioCatch’s behavioural biometric technology allows for the banking industry to add various service channels for their customers while maintaining the highest level of security possible.”

Of those who did not bank online, the most cited reason for not adopting the method was the lack of security (61 per cent). A further 26 per cent said that it was the process of logging in which put them off online banking.

As well as this, the sample said that the biggest problem they faced whilst using online banking is limited functionality and inconvenient authentication, as functionality was cited by 46 per cent and login and authentication was cited by 36 per cent.

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