Customers value simplicity over security for online banking

Customers value simplicity over security for online banking

Online banking users rate simplicity and functionality higher than price and security, according to a new survey of Swedish Internet bank customers conducted by Cyber Com Consulting Group.

The preliminary results are based on a spring survey of 19,200 customers of Sweden's eight Internet banks. Consumers rank simplicity (27%) and functionality (23%) above availability (16%), security (16%), speed (13%), and price (5%). Most list simplicity as their top priority.

The survey also shows that 71% of the customers carry out their bank dealings in the home; 28% at work, and just 1% on public computers.

Customers say that Internet-based account and payment services are the best and most important. Pension and consultation services are ranked least developed and least important.

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