July 17 ,2018 | by LSBF Blog Staff

UK adults want real-time interaction with banks, survey shows

UK adults want real-time interaction with banks

A survey carried out by YouGov on behalf of mobile payment services firm Ondot has highlighted a demand for real-time interaction with banks among UK consumers.

The study revealed what consumers want the most from their bank, with 60% citing peace of mind when using their card online and 25% wanting their transaction alerts to be displayed in real time.

Proactive

UK consumers were shown to want a more proactive role when it comes to managing their personal finances, with respondents wanting more control over card services – this includes access to new ways of managing their cards before, during and after payments and managing card activity.

Consumers also want more protection when using cards, such as being able to switch their card on and off to reduce the risk of fraud, while nearly half of respondents (49%) said that they would like their bank to alert them before a card is declined.

Other types of card control that are in demand among UK consumers include the ability to set their own transaction limits via a mobile phone app, with this being cited by more than 20% of respondents.

The survey explored other banking trends and found that more than 30% of consumers do not like accessing customer service through bank call centres.

Desire

Commenting on the study, Ondot Systems’ Co-Founder and EVP Rachna Ahlawat 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.”

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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