Royal Bank of Scotland, the least reliable bank for online bank transfers

New research finds one in three people still don’t trust online bank transfers despite branch closings leaving no other options.

Since 2015, 3,836 branches of banks and building societies have closed, making online banking the only option for some consumers.

With HSBC marking the last major closures in the banking world, research from anti-money laundering specialists,

Faster Payments figures show that more than two billion online bank transfers were made in the UK in the year to September 2020, with a total transaction value of £ 1.3 trillion.

Despite this large number of online bank transfers, one in three consumers said they don’t trust bank transfers to be done securely online.

Research also shows varying levels of trust between banks when it comes to money transfers.

In terms of age groups, those over 65 are the most skeptical, with 42% of this age group not trusting bank transfers to be made online. Surprisingly, the most confident age group for online bank transfers is those aged 55-64, as three quarters trust bank transfers to be done securely online.

Another intriguing finding is that 18-24 year olds are the second most skeptical age group of online banking, with just 28% confident that they are 100% safe to do so. all their online banking needs.

Advising consumers on what to consider when it comes to wire transfer security, John Dobson, CEO of Smart search, who commissioned the research added: “Online bank transfers are incredibly convenient, especially compared to what we had just over a decade ago. However, there is clearly a long way to go to ensure that consumers feel safe when using them.

“If banks take extra steps to communicate trust to their customers, making sure the right systems are in place to make online bank transfers as safe and secure as possible, adoption and consumer confidence in online bank transfers are expected to increase.

“Our Trust Barometer tool pulls Twitter’s sentiment towards big banks and digital banks live, highlighting how retail banking institutions perform when it comes to customer trust. “


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David A. Albanese

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