Study: UK adults seek innovative, digital payment experiences from their banks

Online security and fraud prevention are top of mind with U.K. adults when it comes to bank services with 60 percent of them wanting 'peace of mind' when using cards online, according to a survey from YouGov and Ondot. 

The omnibus study from YouGov on behalf of Ondot found that 3 in 10 people (30 percent) reported being frustrated about having card transactions being declined without notification. The same number of people also said they were frustrated by transactions being declined without any prior notification – a huge hindrance in today's 'always-on', digital world.

Furthermore, almost a fifth (18 percent) resent having to wait for blocked cards to be replaced.

Total sample size for the survey was 1,997 adults. Fieldwork was undertaken between May 10 and 11 May. YouGov conducted the survey online. The figures have been weighted and are representative of all U.K. adults, according to a press release about the report.

Cardholders also indicated that they simply want their cards to work when they most need them to. Just under half (49 percent) of all the respondents are looking for their banks to alert them before a card is declined and more than a quarter (27 percent) want transaction alerts to be displayed in real time. In addition to this, 22 percent want the ability to set their own transaction limits from their mobile phone app – a level of card control that is now commonplace in many countries, but presently almost unknown in the U.K.

"The essence of the problem is the desire for a personalized service," Rachna Ahlawat, co-founder and executive vice president for Ondot Systems, said in a press release. "While banks in U.K. are responding with digital channels for account management, their customers are seeking real-time solutions for their everyday needs such as reducing friction in everyday use of cards, securing online transactions and automating travel notifications."


Topics: Mobile Banking, Security, Trends / Statistics


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