Despite a rise in online fraud, with last month’s Zeus Trojan stealing banking information from 100,000 Brits, consumer confidence remains high in online banking sites, finds eDigitalResearch and IMRG.

A survey of 3,000 UK-based people showed that 80 per cent are more likely to bank online than at their high-street branch, 65 per cent are happy to make bill payments online, and 55 per cent will make account transfers online.

Only half of consumers are concerned by online security, and are instead attracted by the convenience and speed of online banking. The biggest problems were found to be a lack of personal relations (57 per cent), security issues (52 per cent) and identity theft (34 per cent).

“This is a clear indication of the growth in consumer confidence, with many people happy to rely on existing security measures if it means greater convenience, more competitive pricing and a faster service online,” explained Lloyd Viney, associate director of eDigitalResearch. “There are a host of different payment options available today which don’t rely on credit card details to be provided, which is helping to boost consumer confidence. Many banking websites also help to advise on fraud prevention which also helps the consumer to protect their own computers against online scams.”

However, many people are still not confident enough to make longer-term bigger financial commitments over the internet. Opening new bank accounts, taking out mortgages and applying for loans are preferably carried out in person at the appropriate high-street branch – the need for a personal relationship helps to build up confidence and trust financial security is in the right hands, said eDigitalResearch.

IMRG managing director, David Smith, added: “It is clear that people are becoming savvier shoppers when it comes to getting a bargain on their car, home or travel insurance, with more increasingly turning to the internet to research and book. Over the last few years, integration across the multiple contact points has been the main cause of dissatisfaction. It is encouraging to see that e-tailers are improving their email and telephone support services to bring it more in line with consumer expectations. This is where e-tailers will gain ground and increase brand advocacy.”

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