CCR Magazine

You are here  :Home arrow News arrow Callcredit & YouGov research finds 76% of British consumers are using online banking often
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Callcredit & YouGov research finds 76% of British consumers are using online banking often PDF Print E-mail
Monday, 21 December 2015

Research carried out by Callcredit Information Group and YouGov* has revealed that 76% of consumers surveyed are using online banking either very or fairly often and 40% of those using online banking are using Smartphones to manage their bank accounts. Smartphone use for online banking is highest among the under 40s with 65% of 18-24 years olds who use online banking and 64% of 25-39 year olds who use online banking using a Smartphone in preference to other internet enabled devices.


The most popular way for consumers surveyed to access and manage their online banking is via a laptop (53%) followed by a desktop computer (42%), with a tablet (28%) being the least popular. The research highlights that we are in ‘the era of and’ with 37% of respondents using two or more internet enabled devices to access their online bank account and 15% of respondents using three or more devices.

Fear of Fraud
The research also highlights the challenges banks still face in migrating consumers to online banking. Of the 24% of respondents who rarely or never use online banking, a staggering 36% said they are concerned about the threat of fraud from entering their details on the internet and 34% were concerned about the security of the online system their bank provides. Of those concerned about the threat of fraud from entering their details on the internet, there’s a clear difference in attitude between Millennials and Baby Boomers. Only 9% of 18-24 year olds are concerned about the threat of fraud compared to 53% of those aged 60+.

Other reasons given by consumers for not using online banking are that they prefer to deal with a person face-to-face in branch or talk to someone on a phone (44%).

John Cannon, Director, Fraud & ID at Callcredit Information Group said: “Online banking has come a long way since its inception and has been truly embraced by British consumers. However, banks still face challenges to reassure some consumers that it is a secure way to manage their finances.”

Popularity of Mobile Banking Apps
A third (32%) of adults are using a mobile banking app. Of those who use mobile banking on a Smartphone, 93% use it to check their balance and statements and 66% use it to transfer money between accounts and a further 63% use it to transfer money to other people.

Lack of Consumer Confidence in Mobile Pay
The research found that there is still a significant way to go to convince consumers to make payments using their mobile phone rather than a bank card, with 61% feeling uncomfortable using a mobile phone and only a quarter (26%) feeling comfortable.

“The adoption of mobile banking apps and mobile pay is still relatively low and consumer take up of these new technologies will only increase if they feel confident that their personal data is protected,” continued Cannon. “Companies storing our data need to ensure high levels of security controls but consumers also need to be educated on how to protect their data from fraud.”
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197