UK consumers want to see more efficient, secure and real-time interaction with banks, according to a study from YouGov on behalf of Ondot
The results, announced today, revealed that online security is the major concern among UK consumers, with 60% wanting ‘peace of mind’ when using cards online.
The survey also revealed that now, more than ever, consumers want to have a much more proactive role when it comes to managing their money.
Key findings from the survey included:
- 50% complained about talking to banks’ call centres
- 50% objected to transactions being stopped without notification of the reason
- 30% resenting having to wait for blocked cards to be replaced.
Consumers also had a widespread desire for greater control over their debit and credit cards. 30% of those surveyed wanted a mobile app that could control location parameters, such as limiting card usage to a holiday destination.
Location control can also allow the user to decide its activity range in a city, a larger geographical area or a specified radius around the phone’s location.
By enabling these features, transactions made will only be approved if the card is being used in a location that the user has chosen. If the card is used elsewhere, the transaction will be declined, preventing false declines.
More than a quarter (27%) wanted transaction alerts to be displayed in real-time, while 22% wanted the ability to set their own transaction limits.
Rachna Ahlawat, founder and EVP of Ondot Systems, stated: “The essence of the problem is the desire for personalised service. Banks respond with digital compromises, like automated phone services that are time-consuming and frustrating to navigate. Over half of those surveyed complained about this.”
She continued, “Customers are looking for better card controls that allow them to better personalise, manage and control how payments are made 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 – a mobile-based payment card control app.”