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PAYMENTS RESEARCH REVEALS BRITS WOULD RATHER QUEUE UP IN STORE ON BLACK FRIDAY THAN PAY ON THEIR MOBILE.

Black Friday is just around the corner with even more UK bargain hunters expected to pounce on big discounts this year. But new research from Judopay shows that not all of these sales will happen online or on mobile, with over a quarter of Brits admitting that they’d rather queue in store than make a purchase on their mobile as it’s ‘too stressful’.

For some queue obsessed Brits (26%), the instore Black Friday experience is more relaxing than buying the same thing on their mobile phone. But why? Apart from our age-old love affair with queuing, what is it that’s making Brits want to get in line rather than online? The research reveals that one in five (20%) UK shoppers actually feel ‘anxious, stressed or frustrated’ when buying something on their phone. For a large number of British shoppers, it’s more stressful to thumb their way to a bargain than it is to stand in line and wait for it with everyone else.

What is it that’s causing Brits to feel stressed when using their phones to buy things? For 35% of people it’s how long it takes to get what they want. The hassle of having to input addresses and card details on a small screen puts off almost a quarter of shoppers (24%) and not trusting the mobile apps that they’re shopping on is why some UK consumers (17%) end up in line rather than online. For some (10%) simply having to make ‘too many clicks will make them too stressed to complete a purchase.

Despite mobile shopping in the UK being on the rise, slow mobile checkout times are turning potential customers away as almost one in five UK consumers have abandoned a purchase on their mobile because the process was too slow. In fact, UK consumers find slow checkouts on retail mobile apps more frustrating than public transport (20%), airport security (17%) and meeting the in-laws (10%).

This is worrying for businesses especially in light of the recent high street store closures as 49% of shoppers state that if a retailer’s app or website takes too long for a payment to go through on their mobile device, they would not return to use that retailer’s app or website again.

 

Jeremy Nicholds, CEO at Judopay said:

“Retail therapy is not therapeutic if you’re using your phone. Retailers have managed to make shopping on our phones more stressful than hitting Oxford Street on one of the busiest days of the year. Retailers need to understand that complicated online checkouts will lead to customers abandoning their baskets – which can be fatal for those businesses that are relying on a good Q4 to save their year”.

 

METHODOLOGY

This research was conducted by Censuswide with 2011 general consumers in the UK. Fieldwork was carried out between 11.11.2019 – 15.11.2019.

Censuswide abide by and employ members of the Market Research Society. All survey panellists are double opted in (with an opt-in and validation process) in line with MRS and ESOMAR standards.

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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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