Consumers still anxious about app banking, poll finds

Banking through smartphone apps is considered risky by consumers, a new survey has found

Despite a rise in mobile banking apps, a new study has found consumers still consider it to be one of the most risky forms of banking

A poll by Payday lender FridayFriday.com has found that the majority of consumers are still apprehensive about app banking – the process of checking their bank balance, as well as transfering money using smartphone apps.

Of the 600 people questioned, just 18 per cent said they were confident making payments through apps, while a whopping 84 per cent said they much prefer to bank in person (23 per cent) or over the phone (11 per cent).

Despite strict security controls, 82 per cent of respondents believe app banking would open them up to fraud.

A FridayFriday.com spokesperson said: “It always takes time for consumers to adapt new ideas and this is likely to take longer with banking products because it is something they feel particularly vulnerable about.”

“It was also interesting to note that more people preferred braving the lunchtime queues and going into a branch than calling a 24-hour helpline, it’s possible dealing with a person face to face made them feel more secure.”