An Analysis of Factors Influencing Consumer Trust in Online Banking Security Measures

Abstract

The sustainability, expansion, and resilience of the digital banking ecosystem rely on consumer trust in online banking, which is not just desired but also vital. Banks can establish and foster trust by giving priority to security, transparency, and customer-centricity. This will create a solid basis for a prosperous digital economy that relies on confidence and honesty.  With its unrivalled accessibility and ease, online banking has transformed the way people handle their personal accounts in this age of ubiquitous digital connectivity. Despite the many advantages of online banking, many people are still wary of using it because they are worried about the safety of their financial and personal data. Customers must have complete faith in the safety protocols put in place by banks if they are going to use online banking platforms to handle their money. Online banking security measures that consumers trust are essential to the success of the digital economy and not just because they are convenient. Individuals' propensity to conduct business online and divulge personal information via digital mediums is impacted by the level of trust they have in their banking ties.  This study intends to provide practical insights for financial institutions seeking to improve their cybersecurity, boost client connections, and instill trust in the digital banking experience by identifying important factors and examining new developments. This article seeks to investigate the complex nature of consumer trust in the security measures of online banking, focusing on the elements that influence users' perceptions of the trustworthiness and safety of digital banking platforms.