Finding the balance between security, investment and customer experience is something most lenders still need to work on
Finding the balance between security, investment and user experience is something most lenders still need to work onOur weekly personal finance newsletter will give you the insight you need to save money and make smart spending decisions
As banking is correctly a highly regulated business – given the need for customers to be sure there money will be properly looked after and available to them when required – things are necessarily a bit more complicated from the bank’s perspective. They need to ensure that the system is secure and that it is not being abused for criminal purposes, such as money laundering in the same way that they have to apply such standards to physical branch banking.
At Bank of Ireland, if you don’t have a smartphone or tablet at all and use online banking solely on a laptop or PC, you will need to order a physical security key from your bank – essentially a device that churns out an eight-digit code to set up payments or transfer funds.AIB clearly likes the idea of Bank of Ireland’s physical security key as it requires a card reader to set up any new payees even on its smartphone app.
Quite why, I don’t know, as these initial limits are common across banking apps – a reasonable security element to limit potential losses in the event you are hit by scammers. Making the customer pause to consider before sending substantial sums to an unknown service provider or online store makes sense. Bank of Ireland imposes a €2,000 limit for the first 48 hours after you set up a new payee.
But both AIB and Bank of Ireland have extremely limited character count in boxes set aside for the user to define the transaction in a way that will make sense to them on a statement and to the other party when they see it come through to them. Why? Seriously. And PTSB? I don’t know. We couldn’t find any PTSB online bank users and had to rely instead on information provided by the bank – which did not cover that.
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