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Conversely, almost half (47%) of the 2,001 adult UK respondents were most distressed by time constraints associated with banking. Go to a branch and open an account (9%).
This presents a huge opportunity for both traditional and challenging banks to capitalize on the UK’s current appetite for digitally driven processes.
The survey also revealed that more than half (53%) of those surveyed had opened a bank account online and the same percentage felt safe and secure. However, 47% of respondents feel unsafe, with more than a third (37%) citing digital banking fraud and cybercrime as the primary reason.
This highlights the need for both traditional and challenging banks to address consumer concerns about fraud and ensure rigorous onboarding processes that meet the highest security standards.
Despite continued growth in the fintech sector, only a quarter (24%) of respondents had banked with a challenging bank, compared to 32% in urban London. rose. Meanwhile, 15% admit to being concerned about making mistakes in the onboarding process, 13% have canceled or abandoned the digital bank account opening process, and banks are trying to make the onboarding process as smooth as possible. It suggests that it should be both frictionless and frictionless. their users.
The last two years have served as a major catalyst for digital adoption across all sectors, and this study shows just how important digital processes are to consumers. Microphone KeeleySales Director of Financial Services at IDnow.
What is interesting is that the majority of respondents still deposit in traditional banks. It presents a huge opportunity for institutions that are ready to adopt technology that will enable them to provide
Digging deeper, people over the age of 55 are the least likely to open a bank account digitally (37%) compared to almost two-thirds (63%) of those aged 18-24 and 35-44. %). 62% are between the ages of 25 and 34, demonstrating a clear age gap in the adoption of digital services. Banks must therefore offer their customers freedom of choice and provide them with the best possible process. Digital bank accounts are also most popular with 18- to 24-year-olds, who are the most likely to give up or cancel opening a remote bank account (24%), making the onboarding process the most popular. It suggests high expectations. Familiar with digital.
Similarly, this younger age group feels most at risk when it comes to opening a bank account digitally, compared to 60% of 35- to 44-year-olds who say yes to feeling safe and secure. was answered by only 41%.
Unless companies step up their game and educate people about the need to protect their information, the threat to young people will continue, explains Mike Kiely.
With young people spending more time online, there are naturally more touchpoints that scammers can target.
On the other hand, older generations naturally tend to trust digital less, so some scammers may see younger adults as easier targets.
Many young people are becoming more aware of the potential risks associated with their digital activities. This is supported by statistics showing that cybercrime is a top concern (20%).
To overcome these concerns and capitalize on this growing market, banks need the right technology to deliver the highest level of security at every stage of the digital banking process, while meeting the demands of a smooth and simple user experience. Investing is essential, he concludes.
Francis Bignell
