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Consumers in the U.S. and the UK are increasingly adopting mobile and online banking, according to a
2014 survey by Cognitive Biometrics Firm BioCatch.
In both countries, the survey reveals that more users are performing banking transactions over the web
and through a mobile device, at 36 per cent and 29 per cent respectively, which shows an over take
from traditional means such as telephone and branch banking.
“We’ve seen an uptick in online and mobile adoption rates among banking customers over the past few
years and expect this trend to continue at a rapid pace as banks continue to improve their functionality,”
BioCatch VP of Products Oren Kedem said.
But while this is a positive development in the online banking space, the study also shows that a number
of consumers who have not yet delved into online banking are experiencing a number of pain points in
using such services. 46 per cent cited limited functionality and 36 per cent listed inconvenient login and
authentication processes.

A lack of security is also an issue and is considered as one of the greatest obstacles to adoption: 61 per
cent indicated that fear of hacking was their main reason for avoiding online banking.
“The main thing that banks need to contend with when adding functionality is the increased chance for
security breaches that comes along with it,” Kedem adds.
BioCatch conducted the survey with 600 banking customers from the top five banks in both the U.S. and
the UK.