Ispos
Insight surveyed 1,000 US adults in early August and found that 83%
of respondents who conduct their personal banking online are
worried about identity theft.
According to Ipsos Insight, 73% of all those surveyed said that
concerns about protecting their personal information from theft
were a deterrent against using online banking. Seventy-two percent
of respondents also cited concerns about banks selling their
personal information to a third party as extremely or very
important.
“The industry needs to convey that they are, in fact, addressing
the fundamental issues of personal information protection and theft
associated with online banking because the public’s misperception
is what’s deterring growth,” said Doug Cottings, Senior Vice
President of Ipsos Insight’s Financial Services Division.
“There are specific ways companies can make online banking a
better experience, beginning with assuring customers that their
information won’t be sold to third parties,” he added.
But there was also some good news for the industry, with the
survey revealing that those individuals who do bank online are
doing so slightly more frequently. Customers have increased the
average number of times per month that they pay bills, manage
assets, transfer funds and make balance inquiries online.
In particular, more customers are using the internet to sign up
for new financial and banking services, with half of all new credit
card applications being made online, and slightly more than half of
mortgages, home equity loans, and automobile loans being signed up
for online.
“Banks’ best option for growing business is deepening existing
customer relationships since they are already aware of and
experiencing the convenience of online banking,” said Cottings.
