Covid-19 has sparked a change in the way we bank, but fear of fraud continues to be a worry for the over 55s age group
TSB has seen a surge in demand from customers using its mobile app and online banking following the outbreak of Covid-19. Since lockdown started on 23rd March, TSB’s own data shows that the average number of customers registering for the mobile app has nearly trebled from just over 1,270 to almost 3,480 every day, reaching over 4,000 on some days. Enrolments for internet banking have risen by 137% over the same period.
Research into the uptake of mobile and online banking from TSB shows that more than a quarter of Brits who use mobile or online banking are feeling more confident using this service (27%), and two-thirds of mobile or online bank users say they have benefited from the convenience (69%) and 24-hour access (66%) to their bank accounts.
Top reasons for using mobile or online banking among users is to look at their bank balance (83%), money transfers (73%) and paying bills (52%).
The research indicates a permanent shift to online and mobile banking for some consumers with a quarter (25%) of Brits saying that they will use mobile or online banking more after the pandemic than they did prior to the outbreak.
TSB’s Chief Operating Officer, Suresh Viswanathan, comments: “This shows the size of the shift in the way people are banking. Not only are more customers discovering the benefits of banking and shopping online, but it’s also encouraging to see there’s an increased level of confidence amongst consumers. By combining the great service in our branches and over the phone with even more functionality in digital banking we can meet our customers’ needs however they choose to bank with TSB.”
Covid-19 has sparked a change in the way we bank, but fear of fraud continues to be a worry for the over 55s age group. For the over 55s age group with a smartphone, 50% use mobile banking, while this figure rises to 76% for those aged 35-54, and 87% for those aged 18-34. The main reasons for this age group not using mobile banking as much as under 55s were: ‘fear of fraud’ (39%), and ‘fear of losing phone and bank details being compromised’ (37%).
However, through its own data, TSB has seen an increase in the number of online banking and mobile app registrations from the 55+ age group in response to Covid-19 with almost 25,000 registrations since the beginning of lockdown.
TSB’s industry leading Fraud Refund Guarantee protects customers from all fraud losses and provides peace of mind when banking online or through the mobile app.
Source: Company Press Release