Data protection is the top priority for UK banking customers

Data protection and security are of the highest importance for UK banking customers as financial services become increasingly dependent on digital interactions, according to a new study.

It ranked as a top priority for 82% of respondents in YouGov’s latest research, which was conducted on behalf of IBM. The second most important aspect of online financial services is the ease-of-use, which 76% of the survey citing it.

In terms of security, 43% stated they wished their bank would introduce more advanced cybersecurity and data privacy features, with 41% of adults surveyed saying they were concerned about security vulnerabilities being exploited by hackers.

Furthermore, 28% of respondents believe their bank does not understand them personally and would be happy for them to use their banking data to give them personalised products.

IBM UK and Ireland CTO banking and financial services Bharat Bhushan said, “Banks already use some of the most advanced technologies in the world to protect their customers and their data online. As consumers increasingly use self-service and digital channels, banks need to do even more to protect customers against emerging forms of fraud that can deceive even the digitally savvy.

“Banks now have an opportunity to improve how they communicate with their customers as digital banking services become more advanced, to build and maintain trust. Regular, clear and actionable insights help customers understand that the bank is doing everything it can to protect them.”

Some of the other findings in the survey were that 62% of 18–24-year-olds want help from their bank managing money, compared to an average of 34% across other age ranges, and 48% of 18-24-year-old respondents and 49% of 25-34-year-old respondents would be happy to conduct banking through text-based messaging.

As companies start to look to implement more technology, younger generations appear to be more accepting. The report stated 54% of 18-24-year-olds and 50% of 25-34-year-olds support the introduction of AI services if it improves experiences, while 52% of those over 45 were against AI services.

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