Entrust set out to uncover how disruption has impacted consumer sentiment, preferences, and habits in its new data study released today, “The Great Payments Disruption.”
Entrust surveyed 1,350 consumers from nine countries, including the United Arab Emirates, Kingdom of Saudi Arabia, United States, Canada, United Kingdom, Germany, Singapore, Australia and Indonesia, who have made or received digital payments in the past 12 months. The results help paint a picture of where the banking industry stands in 2022, and what the future holds as The Great Payments Disruption continues.
“This study highlights how more than ever, consumer banking is about digital interactions first, and that they must create that digital experience with security at its foundation,” said Jenn Markey, vice president of product marketing at Entrust. “Our study found both an overwhelming preference for online banking and a significant concern about fraud – in fact, more than two-thirds of consumers in our survey, globally, changed their bank or credit union after receiving a fraud or privacy alert. It’s clear that financial institutions must meld rich digital experiences with proven security measures such as biometric security solutions to increase consumer trust and loyalty.”
Each section of the study considers a different aspect of the transition in the banking and payments industry as more digital, contactless options become available for consumers. Here are some of the key highlights from study:
- Omnichannel touchpoints are increasingly important in digital banking
- Customers are security-conscious, and lack of security can have damaging consequences
- Fee structures and flexible payment options give banks an edge
- More digitally issued cards could further fuel the rise of contactless payments
To learn more about The Great Payments Disruption and download a full copy of the first report, visit https://www.entrust.com/c/great-payments-disruption