New data reveal that people prefer to have a face-to-face meeting when dealing with their financial affairs, with digital interaction scoring in single digits as respondents cited security concerns with discussing their finances through the web and over email.
Despite the evolution of technology and the emergence of new digital communication channels, a survey commissioned by Equifax and conducted by YouGov, showed direct interaction was rated the top choice by 32 per cent of respondents.
Around 19 per cent of the 2,090 adults polled in February chose to telephone their financial provider and 15 per cent visit a website to source their own information.
Only 8 per cent prefer email and just 6 per cent prefer secure online messaging via the provider’s website and a minority preferring post (2 per cent), text messages (1 per cent) and through a private message on social media (1 per cent).
The survey comes at a time when online services are being promoted as a way to close the advice gap, with some advisers proposing to reduce face-to-face conferences in favour of online conversations and email to reduce costs.
Others are seeking to launch services which would be popular among those less interested in personal interaction, with ‘simple’ advice websites based on decision trees and similar mechanisms likely to prove propular.
The research indicated that communication preferences could be driven by online security fears, which remain a major issue when it comes to using a financial services provider’s website.
In the survey, 34 per cent of consumers who have not visited a financial services provider cited security concerns as the reason.
The research also showed that among consumers accessing financial services online, a significant proportion use mobile devices (37 per cent for smartphones/mobiles and 34 per cent for tablets/iPad).
Yet half of those surveyed feel it is less secure to access financial websites using a smartphone than a desktop computer, and 48 per cent believe it is more difficult.
John Marsden, fraud and identity expert at Equifax, said: “People are becoming much more aware of the types of fraud and scams they could fall foul of, especially when it comes to their sensitive personal and financial data.
“Both the evolution of technology and new approaches by fraudsters bring fresh challenges for financial service providers who must put robust systems in place to help develop trust between them and their customers.
“In order to encourage more consumers to use digital communications providers must up their game.
“Consumer demand for convenient and easy access to their finances through online portals on a range of devices is growing, however to meet this demand effectively, providers need to provide reassurance that it is secure and data is protected.”
emma.hughes@ft.com
