Join Our Newsletter

Events Calendar

« < June 2018 > »
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
Home arrow Market Research Findings arrow Economic Climate and Consumer Confidence arrow Consumer Confidence In Online Banking Is Growing, Despite The Rise In Fraud
Consumer Confidence In Online Banking Is Growing, Despite The Rise In Fraud PDF Print E-mail
Written by eDigital Research   
24 Sep 2010
New research shows that despite the rise in online fraud with the recent Zeus Trojan stealing banking information from some 100,000 British people in the UK over the last month, consumer confidence remains high in online banking sites.

The latest e-Customer Service Index (eCSI) survey conducted by eDigitalResearch and IMRG, shows that as increasing numbers are attracted by the convenience and speed of online banking, only half of consumers are concerned by online security.

The survey of over 3,000 UK-based people suggests that online banking is on the increase with some 80% more likely to bank online than at their high-street branch.

Despite the rise in online fraud, consumer confidence with online banking sites has grown with 65% of people happy to make bill payments and a further 55% readily transferring money between accounts.  

When asked what the biggest fears were with online banking, 57% highlighted the lack of personal relations as the greatest drawback, with security issues and identity theft being rated as secondary concerns at 52% and 34% respectively.

Lloyd Viney, Associate Director of eDigitalResearch comments,
“This is a clear indication of the growth in consumer confidence, with many people happy to rely on existing security measures if it means greater convenience, more competitive pricing and a faster service online. There are a host of different payment options available today which don’t rely on credit card details to be provided, which is helping to boost consumer confidence. Many banking websites also help to advise on fraud prevention which also helps the consumer to protect their own computers against online scams.”

Convenience was widely upheld as the biggest motivation to bank online, with 77% of people preferring to research financial products online and a further 78% of respondents believing that there are better deals to be had online, particularly for insurance.

In fact, 63% would use price-comparison websites to find the most competitive deals for insurance and then go on to book it online.

While insurance purchases are popular online, many people still aren’t confident to make longer-term bigger financial commitments over the Internet.

When it comes to opening new bank accounts, or taking out mortgages or loans, people prefer to deal in person at the appropriate high-street branch.

This need for a personal relationship helps to build up people’s confidence and  trust that their financial security is in the right hands.

Across all retailer websites, the eCSI survey found evidence that online traders are doing more to provide a better and more personal service to customers, as consumer satisfaction in customer service contact has risen by almost 4% over the last year.

This, alongside better deals is contributing to the growth in overall satisfaction of 3.8% to 80.5% in the last year.

David Smith, Managing Director of IMRG comments:
“It is clear that people are becoming savvier shoppers when it comes to getting a bargain on their car, home or travel insurance, with more increasingly turning to the Internet to research and book. Over the last few years, integration across the multiple contact points has been the main cause of dissatisfaction. It is encouraging to see that e-tailers are improving their email and telephone support services to bring it more in line with consumer expectations. This is where e-tailers will gain ground and increase brand advocacy.”

About eDigitalResearch
For further information, please visit:

About IMRG
For more information please visit or email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

7 September 2010

< Prev   Next >


How important is market research to start-ups in the current economic climate?

RSS Feeds

Subscribe Now