Banking Customers Refuse to Choose Between Security and Convenience

Recent independent research[1] commissioned by Ping Identity®, The Identity Security Company™, has revealed the fine line banks are walking with their customers. At least a third of customers would switch their banking provider for a more secure, convenient online banking experience, which is not surprising given that only 28.7% of respondents described themselves as “very loyal” to their bank.

Despite the fact 81.5% of UK respondents use online banking, only 22.5% thought access to their account was “very secure”, and eight in ten 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. Highlighting this further, over a third (36.1%) said they would switch banks if another vendor could offer them wider and easier access to online banking services but with the same level of security.

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Security remains a prevalent concern for consumers when it comes to online banking, whether they use the platform or not. Banks need to ensure they’re not only providing these solutions, but they also need to be sure that they are doing so in a way that’s secure and seamless.

Of those that that didn’t use online banking (18.5%), the following reasons were given for not doing so:

o    Concerns around security: 68.6%

o    The log-in process takes too long: 11.9%

o    I have no time to set it up: 9.2%

“These findings should send chills up the spines of retail banks,” said Jason Goode, Managing Director – 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 can.”

“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, too.”

“In this competitive environment, banks need to make the online banking process as seamless as possible for customers or risk them taking their business elsewhere. By deploying systems that centre on a customer’s identity and recognise returning customers to give them quick and easy access, banks can avoid any exodus and allow both their businesses and their customers to truly realise the benefits of secure online access to their finances.”

[1] Research undertaken by One Poll. 1,000 consumers were surveyed in June 2014

About Ping Identity | The Identity Security Company

Ping IdentityPing Identity is the pioneer and largest independent provider of next generation identity security solutions, with more than 1,200 customers worldwide, including half of the Fortune 100. Ping Identity is transforming the way hundreds of millions of people live and work every day by making their apps more convenient and secure to access from any device, anywhere. Visit pingidentity.com for more information.

 

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