The problem with most published information on consumer attitudes is that they don’t show the trend. It’s interesting to see that a certain portion of the population expresses concern about ecommerce security, but it’s not really actionable unless you see it in context. That way you know if the concern is growing, stable, or lessening. Or if consumers are more concerned about branch lobby security, telephone, or mail security.

Kudos to Informa Research for publishing a table showing consumer attitudes on online banking security dating back to 2000. As you might expect, consumers are significantly more confident than they were five years ago (59% vs. 49%), but there has also been a substantial drop-off since 2003 (59% vs. 70%).

Percent of consumers that Completely or Strongly Agree with the following statement:
Internet-based transactions handled by financial institutions are safe and secure

2000  49%
2001  56%
2003  70%
2005  59%
———–_
Source: Informa Research, Aug. 2005, n = 1690

Analysis
Taking a cup-is-half full approach, we are pleased to see that the majority of consumers still consider online banking to be safe. Although the drop-off from 2003 is a concern, we’ve probably hit bottom, barring any dramatic breeches in the near future. As banks institute security upgrades such as multi-factor authentication, broader security alerts, and secure messaging, consumer confidence will grow.

—JB

If you’d like to learn more about the future of online banking, check out the Online Banking & Bill Pay Forecast: Current, future and historical usage: 1994 to 2016 from our sister publication, The Online Banking Report.