Callcredit & YouGov research finds 76% of British consumers are using online banking often and 40% are using Smartphones to access their accounts

  • Online banking infographic70% concerned about fraud and online security
  • 32% using mobile banking apps

Research carried out by Callcredit Information Group and YouGov* has revealed that 76% of consumers surveyed are using online banking either very or fairly often and 40% of those using online banking are using Smartphones to manage their bank accounts. Smartphone use for online banking is highest among the under 40s with 65% of 18-24 years olds who use online banking and 64% of 25-39 year olds who use online banking using a Smartphone in preference to other internet enabled devices.

The most popular way for consumers surveyed to access and manage their online banking is via a laptop (53%) followed by a desktop computer (42%), with a tablet (28%) being the least popular. The research highlights that we are in ‘the era of and’ with 37% of respondents using two or more internet enabled devices to access their online bank account and 15% of respondents using three or more devices.

Fear of Fraud
The research also highlights the challenges banks still face in migrating consumers to online banking.  Of the 24% of respondents who rarely or never use online banking, a staggering 36% said they are concerned about the threat of fraud from entering their details on the internet and 34% were concerned about the security of the online system their bank provides.  Of those concerned about the threat of fraud from entering their details on the internet, there’s a clear difference in attitude between Millennials and Baby Boomers. Only 9% of 18-24 year olds are concerned about the threat of fraud compared to 53% of those aged 60+.

Other reasons given by consumers for not using online banking are that they prefer to deal with a person face-to-face in branch or talk to someone on a phone (44%).

John Cannon, Director, Fraud & ID at Callcredit Information Group said: “Online banking has come a long way since its inception and has been truly embraced by British consumers. However, banks still face challenges to reassure some consumers that it is a secure way to manage their finances.”

Popularity of Mobile Banking Apps
A third (32%) of adults are using a mobile banking app. Of those who use mobile banking on a Smartphone, 93% use it to check their balance and statements and 66% use it to transfer money between accounts and a further 63% use it to transfer money to other people.

Lack of Consumer Confidence in Mobile Pay
The research found that there is still a significant way to go to convince consumers to make payments using their mobile phone rather than a bank card, with 61% feeling uncomfortable using a mobile phone and only a quarter (26%) feeling comfortable.

“The adoption of mobile banking apps and mobile pay is still relatively low and consumer take up of these new technologies will only increase if they feel confident that their personal data is protected,” continued Cannon.  “Companies storing our data need to ensure high levels of security controls but consumers also need to be educated on how to protect their data from fraud.”

* All figures, unless otherwise stated, are from YouGov plc.  Total sample size was 1,707 adults. Fieldwork was undertaken 12-13 July 2015.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).