One in three consumers don’t trust their mobile financial services apps
Over a third of consumers believe their financial mobile applications are not secure enough. That’s according to a new “Future of Finance” report from digital experience consultancy Episerver, which surveyed 1,000 UK consumers on their expectations of mobile financial service apps and how they manage money on the move.
Consumers aged over 55 are the most likely to be concerned by the security of their mobile apps, with 78% ranking security as a top priority. This compares to 60% for 25-34 year olds. Blackberry users also ranked as the most likely to hold strong concerns around mobile app security.
Despite security being a key concern, users want to ensure that the mobile login process does not become any more complicated than it already is. A quarter (25%) of those surveyed are frustrated by the complex security logins required by today’s financial service apps, making for a difficult balance for mobile financial marketers to strike.
Commenting on the new research, James Norwood, CMO at Episerver, said, “Given the complex nature of financial purchasing decisions, as well as the significant values involved, many financial retailers have struggled to convert their services into a mobile friendly format. Clearly the ability to convince customers that their financial purchases are secure is a big part of this.
“Recent advances in technology can help marketers to overcome this challenge, however. Through the development of a mobile strategy that takes advantage of secure touch IDs and one-click social media logins, marketers can quell security fears while still managing to build an intuitive user experience for their end customers.”