Although a study of retail clients, the worries that they have about online security in banking are likely to be mirrored among those higher up the wealth scale.

Singapore’s banking clients put stronger online security at the top of their wish list when it comes to innovation, according to a survey of more than 1,000 customers from FIS, the US-listed tech firm. 

The research explores attitudes to the online banking customer experience, perceptions and experiences regarding online banking fraud, and approach to investing. And, while undertaken among retail clients, the findings are likely to be matched by those higher up the wealth spectrum.

The “money lock” feature to prevent withdrawals is the most sought-after innovation, ranking above features such as cardless withdrawals and voice-activated virtual assistants, FIS found.

Such findings appear to reflect broad concerns about security in financial services. For example, in March this year, a global study from New York-listed Broadridge Financial Solutions showed that during the next two years, financial institutions plan to boost their investments in cybersecurity by 28 per cent on average; impacting their internal security protocols, as well as the way in which they engage with third-party technology vendors.

In its study, FIS said that when it comes to customer experience, the top priority for surveyed consumers is feeling confident that their personal information and assets are secure. While 86 per cent consider this extremely or very important, 68 per cent are satisfied with their bank’s performance in this area.

In other findings, 92 per cent of surveyed consumers said that they worry about online banking fraud. Most of those surveyed (56 per cent) think that online banking fraud attempts have risen in the past 12 months, versus 27 per cent who think it hasn’t changed.

Almost a quarter of Singaporeans surveyed have been a victim of online banking fraud.

Fraud incidents were most widespread amongst surveyed Millennials (28 to 42-year-olds) (34 per cent), and least prevalent amongst surveyed Boomers (aged 59+) (12 per cent).

Cybersecurity is certainly a concern across the wealth spectrum, as shown by this report earlier this year from JP Morgan Private Bank about the views of family offices.