87% of UK Millennials Trust Bank Solutions Over Third Party P2P Transfer Providers
While the non-traditional finance revolution has begun, findings from PayKey’s latest millennial survey prove that banks still have the option to make their mark in the growing mobile P2P money transfer market. Despite inferior P2P transfer facilities and an increasingly crowded market, banks have reason to be hopeful. As PayKey discovered, an impressive 87% of UK millennials trust bank solutions over P2P transfer services offered by third party providers.
PayKey’s findings join mounting industry research that overwhelmingly illustrates that millennials prioritise security over the latest mobile P2P technologies. This is great news for banks, many of whom may be surprised about millennials favourable perceptions, given the hype surrounding new providers.
Beyond the 87% of survey respondents reporting to trust bank solutions over third party providers, PayKey’s survey of 500 UK millennials also revealed that new P2P providers are perceived as insecure by the vast majority of those surveyed. Only 13% of respondents felt that digital wallet applications not affiliated with their bank were secure to use for P2P money transfers.
What does this tell us?
PayKey’s survey results tell us that most respondents trust bank solutions over third party providers and perceive non-bank P2P transfer services as insecure! But that’s not all. Results indicate that although banks have their work cut out for them with issues related to usability and convenience, new P2P providers have arguably an even tougher hurdle to overcome. They must convince millennial consumers that they are trustworthy and secure to use. Banks have a great opportunity to capitalise on favourable perceptions to attract millennial customers to use their mobile P2P transfer facilities. Banks that make their mobile P2P money transfer experience more millennial-friendly can become the provider of choice for millennials who seek both security and intuitive money transfer services.
Partnering with PayKey to deliver millennials what they want
PayKey is a social banking solution that enables banks to provide their customers with the ability to initiate and complete a range of financial services, including P2P payments, balance check, cardless withdrawal, and more, from within any mobile app. With PayKey, everyday banking becomes simple and frictionless. Users enjoy secure, instantaneous, and contextual banking services in any app, including all social and messaging apps. There is no need to switch to the bank’s app in order to check account balance, request a payment, or get account information — one banking button supports it all. Even better, banks don’t need to redesign their entire mobile P2P transfer facilities. Integration is done with the bank’s mobile app, so there is no need to worry about backend integration!