Public are seeking digital payment experiences from their banks
UK adults are ready for real-time interaction with their banks. The results of a recent YouGov survey, on behalf of Ondot, revealed today that online security and fraud prevention comes top in what Brits think banks should guarantee, with 60% wanting ‘peace of mind’ when using cards online. The survey also discovered that consumers are keen to play a much more proactive role in managing their personal finances.
New ways of managing their card services before, during and after a payment; how, when and where cards are used and the ability switch your card ‘on’ and ‘off’ to create extra vigilance against fraud – are all important to today’s card user.
The omnibus study from YouGov on behalf of Ondot, creators of an award-winning payment card management & control mobile app, found that 3 in 10 people (30%) reported being frustrated about having card transactions being declined without notification. The same number of people (30%) 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%) resent having to wait for blocked cards to be replaced.
Although UK banks have come some way in recent years, new innovations in other countries have shown that cardholders prefer mobile app-based self-service over the traditional call centre methods of customer service. Almost a third (31%) of those surveyed do not like calling bank call centres.
Cardholders also indicated that they simply want their cards to work when they most need them to. Just under half (49%) of all the respondents are looking for their banks to alert them before a card is declined and more than a quarter (27%) want transaction alerts to be displayed in real time.
In addition to this, 22% 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 UK.
When travelling abroad, there was also a widespread desire for automating travel notifications with 30% of those surveyed preferring a mobile app to set controls for when and where they want their cards to work.
Rachna Ahlawat, Co-Founder and EVP, Ondot Systems said: “The essence of the problem is the desire for a personalised service. While banks in UK 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.”
She continued: “Customers are looking for more innovative services and Banks need to respond by card digitization to both empower their customers, which includes card controls that allow them to better personalise, manage and control how payments are made and create new digital payment experiences in today’s world of always-on digital commerce. The survey validates the need for UK consumers to benefit from what globally more than 3,000 banks are already offering to millions of cardholders – mobile-based payment card management and control.”
Bill Boyle, International Banking Systems Journal, senior analyst said: “The survey clearly indicates the need for UK cardholders to be able to better manage their payment cards, feel secure while making online payments and for their cards to ‘just work’ when and where they travel.
“Financial Institutions elsewhere globally are already implementing solutions in response to consumer demand for 24/7, mobile-based controls for credit and debit cards, along with enhanced fraud protections and powerful payment tools. UK consumers want to be able to monitor suspicious activity, set location and spending limits on their cards and stop fraud before it impacts the account.
“The on-demand reality of 24×7 instant convenience means that the banks need to embrace real-time, services to stay in the game. The survey graphically shows the direction of travel of the new empowered consumer – they want better control and they want it now.”