Banking customers are placing a greater importance on security rather than savings rates, new research has revealed.
p>A survey conducted by Aldermore has revealed that more than nine out of 10 consumers (92%) want to know that their money and personal details are safe, while 88% said interest rates were important when choosing a savings provider, with 86% opting for good customer service.
Simon Healy, managing director of savings at Aldermore, said: “We are starting to see a change in perception when it comes to the factors impacting the decision of choosing a bank and savings provider, it is encouraging to see that consumers value security of their savings above all else.
“It is perhaps reflective of both the rise in online banking and the recent low interest rate environment that security is now an even more important consideration for consumers than simply a leading interest rate.
“Our research also highlights the important role that the Financial Services Compensation Scheme plays in reassuring customers that their savings are protected.”
Two-thirds (66%) of banking customers would not consider using a savings provider that was not covered by the Financial Services Compensation Scheme (FSCS).
Nearly one in five 18- to 34-year-olds (19%) would consider riskier savings and investment products offering higher rates of returns, but less protection, compared with only 5% of over-55s.
Nearly nine out of 10 (89%) of those surveyed said they wanted to see further investment in security technology, with 88% wanting their savings provider to regularly update its security procedures.
Almost six out of 10 (57%) would trust their savings provider more if it offered biometric authentication.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...
Temenos extends contract with Northern Trust
Temenos has signed a multi-year contract with global financial services company Northern Trust...
TSB adds new director to board
TSB Bank PLC has announced the appointment of Andy Simmonds (pictured above) as an independent non-executive director...
60% of Brits want ‘peace of mind’ when using cards online
Three-fifths of Brits (60%) want ‘peace of mind’ – regarding online security and fraud prevention – when using cards online, according to recent research...
Tandem reaches 250,000 customers
Tandem has announced it now has 250,000 customers across its cashback credit card, fixed term savers and account aggregating banking app...