Study finds consumers prefer digital banking experiences, but are concerned about security

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A survey from Entrust details preferences of the modern banking customer, with consumers indicating a need for online banking capabilities, secure cards with chips and enhanced payment security. By Fintech News Desk.

Entrust surveyed 1,350 consumers from nine countries, including the United States, Canada, United Kingdom, Germany, Saudi Arabia, United Arab Emirates, Singapore, Australia and Indonesia, who have made or received digital payments in the past 12 months. The results help paint a picture of where the banking industry stands in 2022, and what the future holds as The Great Payments Disruption continues.

This study highlights how more than ever, consumer banking is about digital interactions first, and that they must create that digital experience with security at its foundation.

Each section of the study considers a different aspect of the transition in the banking and payments industry as more digital, contactless options become available for consumers. Here are some of the key findings from each section:

  • Omnichannel touchpoints are increasingly important in digital banking
  • Customers are security-conscious and lack of security can have damaging consequences:
  • Fee structures and flexible payment options give banks an edge
  • More digitally issued cards could further fuel the rise of contactless payments

Respondents listed credit/debit cards with chips (50%) as their most preferred payment method, but contactless credit/debit cards (48%) were a close second. Additionally, 53% of respondents said they’ve received a digitally issued debit or credit card from their bank or credit union. Digital cards can be an effective selling point as almost two-thirds of survey respondents prefer to open a bank account digitally

The global transformation of banking and payments has only accelerated over the past few years, and between web trends and a global pandemic, the industry has seen disruption from all angles. Consumers are digitally connected in almost all facets of their lives. Nice one!

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