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23.2 MILLION BRITS WILL HAVE A DIGITAL-ONLY BANK ACCOUNT BY 2025

DIGITAL-ONLY BANK

Currently, 12 million (23%) Brits have a digital-only bank account

Since last year there has been a 165% increase in the number of people who have a digital-only bank account

Convenience remains the top reason consumers are opening a digital-only bank account

 

The main reason for those who are sticking with traditional banks is that they have been treated well previously

Just over 2 in 5 (44%) UK adults will have a digital-only bank account in five years time, equivalent to 23.2 million Brits.

Currently, almost a quarter (23%), or 12 million, Brits have a digital-only bank account, according to personal finance comparison website, finder.com’s, annual digital-only banking adoption report. This means that a fifth (21%) of Brits plan to get one in the next five years, with two thirds (65%) of those planning to do so over the next year.

Last year only around 1 in 10 (9%) of Brits had an account with a digital-only bank, meaning there has been a 165% increase in the number of people banking with banks like Starling, Monzo and Revolut.

The convenience that digital-only banks and their apps can offer is a high priority for consumers. For a second year in a row, they voted it as the top reason for having a digital-only account (41%).

Customers are also motivated by better rates that digital-only banks may offer, making it the second most popular reason for opening an account (39%). The third most attractive reason is the low transaction fees when using these bank cards abroad (28%).

For the 54% of Brits that have no intention of opening an account, their main reasoning is that their current bank has treated them well (65%). In addition to this, half of customers (51%) who had no plan to go digital said that they value being able to visit a member of staff in a branch.

Generation Z (those born after 1996) have the highest percentage of digital-only bank accounts over any other generation, with almost half (46%) saying they have one open currently. However, more millennials than any other generation are going to be joining the digital-only trend over the next 5 years, with 28% intending to open an account over this period.

A quarter of men (25%) currently have an account with digital-only banks compared to 1 in 5 women (20%). Additionally, men are more likely to go digital-only with 24% aiming to open a digital-only account in the next 5 years, while 19% of women intend to do so.

To see a full list of break down of the research and infographics of the data, visit: https://www.finder.com/uk/digital-banking-adoption

 

Commenting on the findings, Jon Ostler, CEO at finder.com said:

“Last year’s research showed that digital-only banks were gaining traction but this year’s research shows that they should now be viewed as true competitors to incumbents. The number of people opening accounts over the past 12 months exceeded the intentions of those who took our survey in 2019, so the trend appears to be gaining momentum. 

“Of course, there are still many who have no plans to try digital-only banks,and events like N26 announcing their decision to leave the UK market won’t help convince sceptical consumers that they can trust these challengers. Some customers are satisfied with their bank and see no reason to change – especially with the big players significantly improving their app offerings recently. In response, the challengers are all playing to their budgeting, visualisation and spending insight strengths and Monzo have gone one step further, offering an incentive which allows people to be paid a day early. 

“Research we previously carried out found that almost half of those with digital-only accounts kept less than £1,000 in them, so the challenger banks will need to keep innovating if they are to convince customers to use them as their main bank.”

 

Top 3 reasons why people are opening digital-only bank accounts
Doing banking online is more convenient41%
Digital banks offer better rates39%
The free transactions abroad28%
Top 3 reasons why people are sticking with traditional bank accounts
Current bank has treated them well65%
Prefer seeing a member of staff in person51%
Too much hassle to switch or open a new account16%

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SONY BANK SECURES AND ENHANCES MOBILE BANKING WITH ONESPAN’S MOBILE SECURITY SUITE

SONY BANK

App shielding, biometric authentication and additional technologies secure and improve the customer experience for Sony Bank’s mobile banking app

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Sony Bank is protecting its mobile banking transactions with OneSpan’s Mobile Security Suite. OneSpan helps the bank secure and improve the customer experience by detecting and preventing mobile threats in the background, while integrating convenient features like facial recognition and fingerprint biometrics.

 

Mobile banking adoption continues to increase and the frequency of mobile attacks like malware and trojans continue to rise. Sony Bank was able to address both customer experience and security by launching its banking app and securing it using OneSpan’s suite of mobile SDKs. Mobile Security Suite integrates application security, biometric authentication and Application Shielding, which detects and mitigates fraudulent activities and helps ensure the integrity and protection of apps and data.

 

“Addressing security and customer convenience was key for us, and with OneSpan’s solutions we are able to achieve both,” said Sony Bank Senior Manager of the Systems Planning Department, Shuichiro Sumimoto. “The technology comprehensively protects the device and the application, while providing an easy way for our customers to complete mobile transactions.”

 

“OneSpan’s Trusted Identity solutions enable banks to simultaneously fight an ever-increasing number of threats while ensuring a seamless and easy customer experience,” said OneSpan CEO, Scott Clements. “With Gartner predicting that by 2022, at least 50% of successful attacks against mobile apps could have been prevented using in-app protection,[i] Sony Bank is taking the right steps to future-proof its business.”

 

While mobile threats are on the rise, so too are regulations designed to make banking more secure and transparent. In particular, the global move toward Open Banking has triggered regional regulations such as the Amended Banking Act of 2017 or the Second Payment Services Directive (PSD2) in Europe. Using OneSpan’s technology, Sony Bank can address today’s PSD2 requirements with the aim of using the technology to address potential future regulations.

 

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KOREA’S KB BANK USES TRUSTONIC IN-APP PROTECTION TO ENHANCE MOBILE BANKING EXPERIENCE

MOBILE BANKING

Using Trustonic Application Protection enables KB Bank to dramatically improve the authentication experience for users of its mobile banking app and allow secure high value transactions

 

Mobile cybersecurity leader, Trustonic, today announces the successful implementation by KB Kookmin Bank (KB Bank) of Trustonic Application Protection (TAP™) to enable a simpler authentication experience for users of its KB Star Banking app. By combining TAP with its new digital authentication certificates, the bank is dramatically simplifying customers’ access to banking services and enabling them to authenticate higher value transfers in-app, without the need for cumbersome user authentication practices like security tokens.

The largest Korean bank by number of mobile users, KB Bank provides online and mobile banking services to over 10 million customers. Trustonic’s mobile application protection is enabling the bank to provide faster, simpler and more secure digital banking services by isolating authentication certificates in the hardware security of today’s smartphones. Since launching in summer 2019, the app has acquired 3 million active users, and adoption among KB Bank customers continues to grow rapidly.

Mr. Han, Senior Executive Vice President, Kookmin Bank commented: “In Korea, users need to install authentication certificates to use mobile banking services. This can be a complex and time-consuming process that often requires revalidation and multiple passwords. With our long-standing partner Trustonic, we are able to vastly improve the in-app user experience and allow our users to authorize much higher value transactions. Some security solutions make you choose between security, user experience and performance but with TAP there’s no compromise.”

 

Enhancing user experience & enabling high-value transactions with advanced security

Historically, public certificates need to be regularly renewed by the app user, which can be frustrating and time consuming. Now, because the new KB Mobile Certificates have the advanced in-app protection provided by TAP, they do not need to be renewed unless revoked by the customer or unused for one year. This significantly simplifies and enhances the user experience.

High-value in-app payments are now possible because of this advanced protection. KB Bank customers can transfer up to 2 million won (approx. $1,700 US) using their account password, and up to 50 million won (approx. $41,000 US) with a password and six-digit PIN. Amounts between 50 million won and 500 million won (approx. $413,000 US) can be verified by entering their password and PIN before receiving an additional authentication code via an automated phone call.

 

Improving in-app functionality through trust

The TAP in-app protection platform protects mobile applications by securing sensitive code, data and processes in a highly protected environment. The environment dynamically upgrades over the course of an app’s lifecycle to take advantage of the most advanced hardware and software security technologies available on smartphones. Banking, payment, acceptance and fintech app developers benefit as they can use the TAP SDK to build secure next-generation experiences.

Dion Price, CEO of Trustonic, says: “Korea’s certificate-based authentication infrastructure has historically limited the user experience for mobile banking apps. By making its banking app more seamless and secure with Trustonic’s unique combination of hardware and software in-app protection, KB Bank has vastly improved the user experience. This is a perfect example of how advanced security can enrich apps for end users, which is why TAP is being adopted to protect financial services across payments, banking, fintech and mPOS.”

For more information about how TAP is enhancing both security and user experiences, visit the Trustonic website.

 

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