The survey, conducted on behalf of Ondot, showed that online security and fraud prevention comes top in what British think banks should guarantee, with 60% wanting “peace of mind” when using cards online. The survey also discovered that consumers are keen to play a much more proactive role in managing their personal finances.
When it comes to today’s card usage, respondents pointed out to aspects such as: new ways of managing their card services before, during and after a payment; how, when and where cards are used and the ability switch your card ‘on’ and ‘off’ to create extra vigilance against fraud.
The study also found that 3 in 10 people (30%) reported being frustrated about having card transactions being declined without notification. The same number of people (30%) also said they were frustrated by transactions being declined without any prior notification. Furthermore, almost a fifth (18%) resent having to wait for blocked cards to be replaced.
Cardholders indicated that they simply want their cards to work when they most need them to. Just under half (49%) of all the respondents are looking for their banks to alert them before a card is declined and more than a quarter (27%) want transaction alerts to be displayed in real time. In addition to this, 22% want the ability to set their own transaction limits from their mobile phone app - a level of card control that is now commonplace in many countries, but presently almost unknown in the UK.
When travelling abroad, there was also a widespread desire for automating travel notifications with 30% of those surveyed preferring a mobile app to set controls for when and where they want their cards to work.
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