53% of UK banking online, but fears remain over mobile

More than half of the UK population has banked online in the last three months, a new survey from the Office of National Statistics (ONS) has revealed, but other research has demonstrated a widespread lack of trust in accessing financial services via mobile.

The ONS’ 2014 Internet Access report shows that the percentage of adults using internet banking on a regular basis has risen from 30 per cent in 2007, to 53 per cent this year – up 3 per cent from the same time last year.

However, the report also shows that internet banking is not yet up to speed with other internet uses such as emailing (75 per cent), researching products and services (73 per cent), reading online news (55 per cent) and using social media (54 per cent).

25-34 year olds were the group most likely to use internet banking, but only 56 per cent of the the youngest group surveyed, 16-24 year olds, said they were regular online bankers.

Commenting on the numbers, Anthony Browne, CEO of the British Banker’s Association (BBA), said:

“It’s great that more people than ever are banking online. Banks are working hard to make online banking accessible to everyone and online and mobile banking mean it’s now easier than ever to stay on top of your finances.

“Of course we recognise that internet banking isn’t for everyone, and that’s why across the country the bank branch network is being modernised to ensure that all customers get the best possible service.”

However despite this embracing of online banking, another recent report has shown that the UK population remains reluctant to access banking services via mobile.

The Rise of the Identity Centric Economy report from digital identity expert, Intercede, has revealed that over half of UK consumers say they would never use a mobile banking app because of security fears.

The survey of 2000 UK consumers also found that many avoid using any kind of mobile financial service at all, with half avoiding money transfer apps and nearly a quarter saying they don’t feel safe shopping on their mobile device.

75 per cent of those who voiced concerns about data loss in the event their mobile device was stolen cited identity theft as their biggest worry, with 18-24 year olds being the most distrustful of mobile financial services.

Richard Parris, CEO of Intercede commented:

“Nearly every week we read about another high profile hacking story in the news. From major attacks such as Heartbleed to eBay’s recent data breach, it’s not surprising that consumers just don’t trust mobile security. This is throttling the mobile economy. But with the mobile device boom set to continue, it’s clear that security needs a radical revamp.”

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