Consumers are more tolerant with security
procedures of online banking, being prepared to wait almost as long
online as in-branch, and undergo five minutes worth of checks with
signing up for online banking compared to six minutes in branches,
according to a study by global data and decision support
specialist, Experian.
The new study commissioned by Experian in
conjunction with the International Fraud Prevention Research
Centre, and released in the firt week of December, reveals the
extent to which time-consuming identity and security procedures
continue to be a source of frustration for consumers.
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User are, however, more tolerant when it comes
to online banking security checks, according to the new Experian
study.
The study reveals customers are prepared to
spend four minutes on average undergoing identity verification and
other security checks before they abandon an online retail
transaction.
Younger adults are the least patient, with 35%
of adults aged under 35 saying they had abandoned one or two
transactions due to the length of security checks in the past 12
months alone, and 13% admitting to having done so ‘frequently’.
“Identity checks are in all our interests and
necessary, however time-consuming they appear at the time.
“Not only do they protect the business from
intrusion and fraud, but protect the consumer as well, reducing
both security costs, which are passed on in the form of higher
prices, and the chance of he or she being the victim of fraud. We
all benefit and we are all safer,” said Paul Barnes, director of
the International Fraud Prevention Research Centre.
The KPMG 2011 Consumer and Convergence survey
that was released in November also reveals that concerns over
security and privacy are the biggest barriers to the adoption of
mobile banking by customers.
