Callcredit’s research highlights the challenges facing banks in reassuring customers of online security
Callcredit has enhanced research, undertaken by YouGov*, with its CAMEO UK segmentation tool to reveal 59 per cent of those categorised as 'Business Elite' are concerned about the threat of fraud after entering their personal details on the internet.
The research, which looks at consumers’ attitudes to online banking, has been overlaid with CAMEO UK to get a deeper understanding into how consumer behaviour varies across different socio-economic groups. By using CAMEO UK Callcredit was able to categorise respondents into ten different groups ranging from ‘Business Elite’ to ‘Family Value’.
The findings show that when those who say they rarely or never use online banking are asked why, there is still concern across several groups around the security banks provide and the threat of fraud. Other respondents said they didn’t have an online banking account, didn’t know how to use online banking, or even didn’t know you could bank online. This highlights that banks need to do more to make these consumers aware of the safety around online banking and the benefits associated with it.
When asked, ‘What are the main reasons you rarely or never use online banking?’** Key findings highlighted: -
Concerned about the threat of fraud from entering my details on the internet
- 59 per cent of the segment ‘Business Elite’ compared to 26 per cent of ‘Cash Conscious Communities’
Concerned about the security of the online system my bank provides
- 59 per cent of the segment ‘Business Elite’ compared to 22 per cent of ‘On a Budget’
Didn’t know you could bank online
- 9 per cent of the segment ‘Enterprising Mainstream’ compared to none of the group ‘Business Elite’
- 7 per cent of ‘Content Communities’ compared to 3 per cent of the group ‘White Collar Neighbourhoods’
Don’t know how to use online banking
- 14 per cent of the segment ‘Cash Conscious Communities’
- 12 per cent ‘Prosperous Professionals’
- 10 per cent ‘Content Communities’ and ‘On a Budget’
- Compared to 3 per cent of the group ‘White Collar Neighbourhoods’
Don’t have an online banking account
- 37 per cent of segment ‘On a Budget’ compared to 3 per cent of ‘Prosperous Professionals’.
Will Lowe, MD – Marketing Solutions, Callcredit Information Group said: “There are very different usage profiles of online banking across the different CAMEO segments which seems to be driven by having an understanding that online banking exists, concerns over security and the need for frequent and convenient access.”
The research also looked into how often these different socio-economic groups use online banking, it revealed ‘White Collar Neighbourhoods’ as the highest with 58 per cent often using online banking compared to only 38 per cent of ‘Family Value’. Surprisingly 18 per cent of ‘On a Budget’ never use online banking along with 16 per cent of ‘Content Communities’ and ‘Enterprising Mainstream’.
* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,707 adults. Fieldwork was undertaken between 12th - 13th July 2015. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).