UK consumers are looking for innovative, digital payment experiences with their banks, according to a new YouGov survey on behalf of Ondot.

The results found that online security and fraud prevention tops the list of what British consumers think banks should guarantee – with 60 per cent wanting peace of mind when using their cards online. The survey also discovered that consumers are keen to play a much more proactive role in managing their personal finances.

New ways of managing their card services before, during and after a payment - along with how, when and where cards are used and the ability switch your card ‘on’ and ‘off’ to be extra vigilant against fraud - are all important to today’s card user.

Three in 10 survey respondents reported being frustrated about having card transactions being declined without notification. The same number of people also said they were frustrated by transactions being declined without any prior notification. Furthermore, almost a fifth resent having to wait for blocked cards to be replaced.

Just under half of all the respondents want their banks to alert them before a card is declined and more than a quarter (27 per cent) want transaction alerts to be displayed in real time. In addition, 22 per cent want the ability to set their own transaction limits from their mobile phone app – a level of card control that is now commonplace in many countries, but presently almost unknown in the UK.

“The essence of the problem is the desire for a personalised service” says Rachna Ahlawat, co-founder and executive vice president of Ondot Systems. “While banks in UK are responding with digital channels for account management, their customers are seeking real-time solutions for their everyday needs such as reducing friction in everyday use of cards, securing online transactions and automating travel notifications.”

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