Online and mobile the preferred banking channels: BioCatch survey

BioCatch has released the results of its annual customer survey of the banking and financial service sectors, which found that most popular banking channels in both the US and the UK are web (36%) and mobile (29%).

The survey highlights notable trends in the banking and financial service industries in an effort to better understand the customers’ behavior and concerns.

Based on a representative sample of 600 banking customers from top-5 banks in both the U.S. and UK, the survey also shows that as banks add more functionality for their users, the adoption rates of web and mobile banking continue to grow.

“We’ve seen an uptick in online and mobile adoption rates among banking customers over the past few years and expect this trend to continue at a rapid pace as banks continue to improve their functionality,” said Oren Kedem, VP of products at BioCatch. “The main thing that banks need to contend with when adding functionality is the increased chance for security breaches that comes along with it. BioCatch’s behavioral biometric technology allows for the banking industry to add various service channels for their customers while maintaining the highest level of security possible.”

Other survey results include the lack of security being the greatest barrier to adoption for those customers who still do not bank online.

Of the respondents surveyed, 61% indicated that hacking concerns was their main reason for not online banking, while 26% said that the login process was too much of a hassle.

Additionally, respondents said their biggest pain points are limited functionality and inconvenient authentication, as 46% cited limited functionality, and 36% listed inconvenient login and authentication processes.

The survey results certainly highlight a strong opportunity for companies to market their biometric authentication solutions to financial institutions to integrate in to their web and mobile banking apps.

Previously reported, BioCatch recently launched its new account fraud detection solution which detects fraud in new user accounts in the retail banking, e-commerce and payments industries using behavioral biometrics analysis.

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