Privacy and Security Concerns Aren’t Stopping Online Banking

YouGov released a study on the results of a study that they conducted at the end of 2019 regarding online banking platforms and user awareness. Of those who participated in the study, 62% said that they had knowledge of at least one of the major online banking platforms and 13% planned on using online-only banking in 2020.

Over the past few years, online banks have emerged on the scene trying to help consumers with their banking needs in this mobile-friendly world. These types of banks often provide little to no fees, and some are beginning to offer budgeting assistance to their patrons.

In the survey, the eight most popular online banking platforms were:

  • Ally bank
  • Chime
  • BankMobile
  • Simple
  • Aspiration
  • Capital
  • Varo
  • Moven

Despite our trust in the services that we use online, there are still speculations regarding the safety of using these online platforms. Part of the survey included the concerns of banking patrons. The percentages for security concerns and privacy concerns were just as high as those who believe there is no downside to online banking.

Opposite ends of the spectrum sure, but it does prove that people are not sure if they can trust a mobile online banking platform.

Due to the popularity of this industry, Google is even planning on joining the ranks offering a checking account through the Google Pay application. Google hopes to make security and privacy one of the priorities of its platform.

Those who currently use mobile-only banking are aware that the security and privacy threat exists to a higher level than traditional banking but are comfortable with the convenience that these online platforms offer.

Chime is a mobile platform that most people have heard of. It is centered around those who have yearly salaries lower than those who use the Ally bank platform. Chime also offers no fees and even has a “spot me” feature that, with regular direct deposits, can go up over time. This allows an extra overdraft cushion without a fee for users who may need it.

It can’t be said for certain that banking online is the safest, but because of its convenience, more people are trading in their traditional banking solutions for ones they can hold in the palm of their hands.