Mobile Banking Increased Dramatically, but Anti-Fraud Protection is Lagging Behind
- Over 90% of the UK alone used online banking in 2022, according to Statista.
- Adoption of anti-fraud protection to combat ad fraud by banking apps has stayed relatively static.
The rise in digitalization is transforming the banking and financial services industry. Every day individuals are turning to mobile banking apps over bricks-and-mortar for more efficiency, speed, and ease in their daily lives, now more than ever. However, despite a dramatic increase in mobile banking, the adoption rates of anti-fraud protection to combat advertising fraud by banking apps have stayed relatively static.
By providing an app, banks can make the process smooth for customers when completing transactions and managing accounts. With over 90% of the UK alone using online banking in 2022, according to Statista, this provides an opportunity to outperform rivals and better position themselves in a market that is ever more crowded. Companies utilizing digitalization and improving customer experience will see a rise in customers and, hence, will generate more profit from their operations.
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