Fraudsters prey on poor privacy habits on the part of the user. Mobile browsers and apps account for 71% of fraudulent bank transactions. But often users don’t realise that their online habits may be putting them at risk. Although banking systems are designed to be virtually impenetrable, cyberattacks and fraudulent activity are still a reality. Security is one of the most significant challenges for online banking marketers because of the inherent concerns that are traditionally associated with banking online.
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As they introduce more online banking capabilities, it’s up to marketers to ensure that customers are aware of their bank’s full product offering, further enhancing the online banking experience for them and exposing them to the numerous benefits that come with doing banking online. With this growing shift in digital banking habits, banks need to keep their product offerings relevant. Further to this, the adoption of wearable payment devices has seen an increase and experts predict the market value of wearable payment tech to grow at a compound annual rate of 29.8%between 20. As consumers have made the shift to digital and businesses have started increasing their ecommerce capabilities, the appetite for fully virtual, contactless banking solutions will continue to increase. Mastercard reported an increase of 40% globally in contactless transactions in 2020. Due to lockdown restrictions, online banking adoption soared and now up to 80% of people prefer online banking to visiting the bank, and banks all over the world have started closing the doors of their physical branches.įurther to this increase in digital banking usage has been an increase in contactless solutions amidst social distancing practices. UK bank TSB, for example, saw a recorded 137% increase in enrolment for internet banking since March 2020. Online banking usage has seen a surge during the pandemic.
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Online banking marketers need to know these challenges so that they can efficiently navigate them. The challenges are highly significant both for banks that offer online banking, but also for their customers, who depend on the banks to operate effectively. In this blog, we explore the main issues and challenges in the online banking industry. Despite the benefits, there are also distinct challenges marketers in this sector face. It’s no surprise then that 76% of UK citizens used online banking in 2020. People who participate in online banking can access their accounts, view their statements, make transactions, pay bills, and much more - from their homes or on the go. Two of the most important are speed and convenience.