Online banking security has recently been cropping up as a top priority for consumers, even if the advertisements are not nearly as cool as a new iPhone app. A new survey shows that maybe banks should be spending more time catering to consumers’ security concerns.
Not often do you see a bank run a commercial for a new level of online security, and when you search for it on the bank’s website, it’s usually thrown in or linked to at the bottom of the landing page. Sure, they address it but never does it come off as high a priority as the usability features of the tool itself.
However, that all might start to change. A recent Zogby Interactive survey of U.S. adults reported that consumers rate the security of their electronic banking transactions and financial data as being more important than any other banking service, including the highly acclaimed and revolutionary mobile deposit. Furthermore, nearly 80 percent would even sacrifice convenience if it meant an added level of security for their online banking.
In concurrence with a recent court filing, 66 percent find the bank most responsible for securing customers’ financial assets, meaning that they feel the banks really own the information. While customers play an integral role in protecting their own financial information, such as not responding to phishing scams and downloading antivirus software, banks must be on top of having the best security platforms and protection.
And shying away from this responsibility will only have devastating effects. The more that banks assure consumers they will be fully liable for a breach, the more trust they will gain from consumers. In fact, 42 percent of consumers said they be “likely” or “very likely” to switch banks in the event of a hack, while half that have even changed the way they access banking information already.
“This survey shows, when it comes to online banking, people value security over speed, and that they are holding their banks and investment institutions responsible for the safety of their electronic banking transactions and financial data,” said Bill Wansley, Senior Vice President.
So why is it that we don’t see banks putting out advertisements about their security levels even as they continue to implement more and more ways to access the information they’re protecting?
Perhaps in light of these recent surveys in addition to the hacks that have been a thorn in side of the financial industry, banks will bring the battle of innovation to the field of security. Instead of seeing ads for new tools, you might see one featuring a new authentication requirement making it harder for people to pretend they are you and gain access to your money.
Related: Security Risks Found in 25% of Mobile Financial Apps
Zachary is a staff writer and a columnist for MyBankTracker.com. He specializes in financial technology, banking trends and product innovation.