A recent study by finder.com reveals a growing skepticism among UK adults towards online banking and mobile apps. Key findings include:
Increased caution: Half of Brits are now more cautious about online banking compared to four years ago.
Fear of fraud: 35% of respondents identified online fraud as their primary concern.
Decline in recommendations: The number of customers willing to recommend the top ten online banking providers has decreased by an average of 5% since 2020.
Generational divide: Younger generations, particularly Gen Z and millennials, are more concerned about data privacy and the amount of personal information collected by online banks.
Challenges for the industry: Banks need to work on gaining customer trust, especially among younger generations, to fully utilize AI capabilities and provide personalized experiences.
These findings highlight the need for online banking platforms to prioritize security measures and address data privacy concerns to regain customer trust and remain competitive in the market. The development of personalized app tools, such as HSBC's savings app feature, is seen as a positive step, but banks must ensure that they reassure customers about the safety of their money and data.
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