UK Bank Customers Show Readiness to Switch
Banks are “walking a fine line” with their customers according to independent research commissioned by Ping Identity, which suggests that at least a third of UK customers would switch their banking provider for a more secure, convenient online banking experience. Only 28.7% of respondents to the survey described themselves and ‘very loyal’ to their bank.
Although 81.5% of UK respondents use online banking, only 22.5% thought access to their account was ‘very secure’, and eight in 10 stated that secure access to online banking was very important to them.
Nearly 60% believed that access to their bank account was ‘very convenient’ – highlighting the importance of easy to use online services – while 36.1% expressed readiness to switch banks if another vendor could offer them wider and easier access to online banking services but with the same level of security.
Of those that that didn’t use online banking (18.5%) the reasons given for not doing so included concerns around security (68.6%); the log-in process takes too long (11.9%); and lack of time to set it up (9.2%).
“These findings should send chills up the spines of retail banks,” said Jason Goode, managing director for Europe, the Middle East and Africa (EMEA), at Ping Identity. “Loyalty is dead, and if banks can’t prove to customers that their online experience is not only convenient, but also secure, then they’ll lose out to a competitor that is.
“Customers seem to believe there has to be a trade-off between security and convenience when it comes to accessing confidential information online – it’s either one, or the other. However, that shouldn’t be the case – customers should be able to have their cake and eat it.”