A survey by a fintech security company has suggested that a third of British consumers (34 percent) distrust digital communications from banks, so much that they ignore actions the messages suggest they take.
The survey focused on consumers’ attitudes to “paperless banking” – the means by which banks and their customers communicate and administer accounts rather than the tools they use to transact. An online poll by YouGov in March, asked almost 2,300 consumers of their experience of banking-related digital communications like emails, text messages, and banking portal notifications.
It suggested a divide by age in the way we perceive and respond to banks’ electronic messages. While 43 percent of respondents in the 55-plus demographic said they “do not trust” digital communications, only 20 percent of 18–24-year-olds felt the same way. What then are older consumers worried about when it comes to digital communications? The survey gave some answers. A third of the 55-plus (33 percent) think they are “more likely” to fall victim to fraud through using digital channels. Only a fifth of 18–24-year-olds (20 percent) think the same way.
Comment
Frans Labuschagne, United Kingdom and Ireland country manager at Entersekt said: “With bank branches limiting on-premises operations during the nationwide lockdown and with call centres under immense strain, many people face a dilemma. On the one hand, they are relying on digital channels to manage their finances and conduct transactional activities to a greater extent than before. On the other, as our survey demonstrates, significant numbers fear that digital communications expose them to greater risk. The instinct of many is to ignore suggestions or instructions delivered in this way.
“After this crisis has passed, financial institutions will want to revisit how they contact their customers with important information or calls to action. The banking app is an obvious place to look for an alternative means of engaging your customer.”
