Three-fifths of Brits (60%) want ‘peace of mind’ – regarding online security and fraud prevention – when using cards online, according to recent research.
A survey by YouGov on behalf of Ondot Systems has revealed that customers were interested in taking more control in managing their personal finances.
This included being able to manage their card services before, during and after a payment and being able to switch a card ‘on’ or ‘off’ to be more secure against fraud.
Almost 2,000 people took part in the survey, which also found that nearly half of Brits (49%) wanted their banks to alert them before a card is declined, while 27% wanted transaction alerts in real time.
In addition, over a fifth of customers (22%) wanted the ability to set their own transaction limits from their phone.
Mobile app-based self-service was preferred over call centres, with 31% of respondents stating that they did not like contacting bank call centres.
Rachna Ahlawat, co-founder and EVP at Ondot Systems (pictured above), said the essence of the problem was the desire for a personalised service.
“While banks in [the] 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.
“Customers are looking for more innovative services and banks need to respond by card digitisation to both empower their customers – which includes card controls that allow them to better personalise, manage and control how payments are made – and create new digital payment experiences 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: mobile-based payment card management and control.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OneSavings Bank reports 15% loan book growth
OneSavings Bank (OSB) has announced that it achieved loan book growth of 15% in the nine months to 30th September 2019...
Hodge Bank appoints two new directors to its board
Hodge Bank has appointed Graeme Hughes (pictured above) as senior independent director of Julian Hodge Bank and Hodge Life Assurance Company and David Gulland to the board of Hodge Life Assurance Company...
Banking customers to take more control of personal data
Banking customers are expected to take much more control of their own personal data in the future through digital ID profiles, according to a new report...
OakNorth Bank launches range of joint savings accounts
OakNorth Bank has launched a new range of joint savings accounts...
The relevance of cards in a digital world
Physical cards are not only relevant for program users, but also for the banks...
Revolut names new non-executive chairman of the board
Revolut has named Martin Gilbert (pictured above) as its non-executive chairman of the board...
Secure Trust Bank Commercial Finance exceeds £4bn in lending
Secure Trust Bank Commercial Finance has now surpassed £4bn in total lending since launching in 2014...
Charity Bank provides 1,000th loan
Charity Bank has reached a lending milestone by issuing its 1,000th loan...
Wesleyan Bank launches cash flow product for renewable sector
Wesleyan Bank has launched a bespoke cash flow product for the renewable heat sector...
Al Rayan Bank extends BTL range
Al Rayan Bank has extended its BTL range and is now offering landlords 80% finance-to-value (FTV) for its BTL purchase plan (BTLPP) products...
The ongoing digital revolution is re-writing the communications manual
The evolution of new communications technologies is redefining the customer experience in the specialist banking market, with customers having higher expectations in regard to how, when and where they want to be communicated with...