Over a third of UK consumers believe their financial mobile applications are not secure enough, a new study has revealed.
A survey of 1,000 consumers by Episerver found that those aged over 55 are the most likely to be concerned by the security of their mobile apps, with 78% ranking security as a top priority.
This compared to 60% for 25-34 year olds. Blackberry users also ranked as the most likely to hold strong concerns around mobile app security.
Despite security being a key concern, users want to ensure the mobile login process does not become any more complicated than it already is.
A quarter of those surveyed said they are frustrated by the complex security logins required by today’s financial service apps, making for a difficult balance for mobile financial marketers to strike.
Given the complex nature of financial purchasing decisions, as well as the significant values involved, many financial retailers have struggled to convert their services into a mobile friendly format, according to Episerver’s CMO James Norwood.
“Clearly the ability to convince customers that their financial purchases are secure is a big part of this,” he said. “Through the development of a mobile strategy that takes advantage of secure touch IDs and one-click social media logins, marketers can quell security fears while still managing to build an intuitive user experience for their end customers.”