Does Slow Banking Mean Less Security?

September 10, 2020

Perception is a hell of a thing. USwitch, a UK-based online and telephone comparison and switching service, reviewed consumer perception of slow loading websites, testing brands in banking and digital service.

Included in the tests were TSB, Lloyds, Barclays, and Natewest and digital banks Monzo, Starling and Revolut. Scoring factored how quickly a website became “interactive,” measured as the point at which the webpage was loaded enough to click a link.  

On both desktop and mobile speed tests, banks scored top of the list compared to the other industries tested (scoring 62/100).  Roughly 70% of Brits stated their annoyance at visiting slow banking websites, which has likely accounted for banking brands assurance of quality website user experiences.

One out of three Brits believe slower websites are less secure and less trustworthy (36% and 35% respectively). More than half of respondents expressed concern that an online transaction was less likely to go through on slower websites, culminating in an overall negative view of a brand. The effects are long lasting, too: 71% of respondents stated they would direct their queries to a competitor and 25% stated they would never return to the slow running website again.

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