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Third of bank account holders willing to switch for an improved online banking experience

Banks are walking a tight rope after new research revealed that a third of all customers would be willing to switch up their provider for a more secure, convenient online banking experience.

Related: Twitter storm brews as RBS, Barclays, Natwest and Santander banking apps crash

36.1 per cent would switch to another bank if it could offer wider and easier access to online banking services with the same level of security according to a survey commissioned by Ping Identity.

“These findings should send chills up the spines of retail banks,” said Jason Goode, Managing Director - EMEA, at Ping Identity. “Loyalty is dead, and if banks can’t prove to customers that their online experience is not only convenient, but also secure, then they’ll lose out to a competitor that is. Customers seem to believe there has to be a trade-off between security and convenience when it comes to accessing confidential information online – it’s either one, or the other. However, that shouldn’t be the case – customers should be able to have their cake and eat it.”

Loyalty in short supply with just 28.7 per cent stating that they are “very loyal” to the institution that handles their money and 60 per cent stating that current bank account access is “very convenient”.

Of all banking customers, 81.5 per cent admitted that they use online banking, however, just 22.5 per cent think access to their account is “very secure” even though 80 per cent said that secure access is “very important” to them.

That leaves 18.5 per cent that don’t use online banking and the reasons for this are concerns around security [68.6 per cent], the log-in process takes too long [11.9 per cent], or they have no time to set it up [9.2 per cent].

Related: Report: 23% of consumers save banking details on multiple mobile devices to leave hackers salivating

There have been plenty of instances of online banking services being knocked out of action for hours on end and it would seem that banks could soon be losing customers if another one can offer a far superior online experience.

Jamie is a freelance writer with over eight years experience writing for online audiences about technology and other topics. In his time writing for ITProPortal he wrote daily news stories covering the IT industry and the worldwide technology market, as well as features that covered every part of the IT market, from the latest start ups to multinational companies and everything encompassed by the IT sector. He has also written tech content for our sister publication, TechRadar Pro. Jamie has since moved into sports betting content and is Content Manager at Betbull.