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Payment disruptions in digital banking - Entrust report

By Ryan Morris-Reade
Thu 10 Mar 2022

With the global transformation of banking and payments accelerating, the industry has caught disruption from many angles due to web trends and the global pandemic.

"Consumers are digitally connected in almost all facets of their lives, and it's evident they expect the same from their banks and payment experiences," says Entrust. "Consumers are expressing an overwhelming preference for digital offerings from their financial institutions."

In a recent study, 'The Great Payments Disruption', Entrust looks to uncover how this disruption has impacted consumer sentiment, preferences, and habits.

The company surveyed 1,350 consumers from nine countries, including Australia, Canada, Germany, Indonesia, Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, and the United States, who have made or received digital payments in the past 12 months. The results paint a picture of where the banking industry stands in 2022 and what the future holds.

"This study highlights how now, more than ever, consumer banking is about digital interactions, and that they must create that digital experience with security at its foundation," says Entrust vice president of product marketing, Jenn Markey. 

"We found an overwhelming preference for online banking and significant concern about fraud. More than two-thirds of consumers in our survey changed their bank or credit union after receiving a fraud or privacy alert. Financial institutions must meld rich digital experiences with proven security measures such as biometric security solutions to increase consumer trust and loyalty."

A new banking landscape

Each section of the study considers a different aspect of the banking and payments industry transition as more digital and contactless options become available for the consumer.

Some key findings include:

Omnichannel touchpoints are increasingly crucial in digital banking: In Australia, 93% of respondents say they prefer to bank online in some form. Evidence that digital banking is the new norm. However, it is still essential to provide various digital options, as 62% say they prefer using the app from their bank or credit union, while 31% prefer their desktop web browser. 

Some people still prefer in-person banking at a branch (7%). Overall, this is aligned with global trends, and Entrust says it's essential for banks to offer omnichannel, digital-first solutions to resonate with today's consumers.
 
Customers are security-conscious, and lack of security can have damaging consequences: 95% of respondents from Australia say they were concerned about the potential of banking or credit fraud as banking and credit become more digital. 23% of respondents had personal experience with these fraud risks, having received notification of a personal banking or credit fraud in the past 12 months. These incidents harm customer loyalty, as 43% of respondents notified of fraud changed their bank or credit union as a result.
 
Fee structures and flexible payment options give banks an edge: Consumers are most likely to consider lower fees, digital solutions and security when choosing or changing their bank. Consumers looking for high-quality, low-cost digital banking, new entrants, or neobanks, could add to their current disruption by offering things like fee-free overdraft protection and unlimited foreign exchange. There is widespread interest in the digital banking atmosphere, with 66% of respondents from Australia saying they would consider using a branchless online banking service for their banking.

More digitally issued cards could further fuel the rise of mobile payments: 63% of respondents from Australia listed contactless credit or debit cards as their most preferred payment method, while 28% listed contactless mobile payments. Digital cards can be an effective selling point as 56% of survey respondents from Australia indicated their preference to open a bank account digitally.
 

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