UK adults are keen to play a much more proactive role in managing their personal finances and are ready for real-time interaction with their banks, according to new study carried out by YouGov on behalf of mobile payment technology firm Ondot.

The study found that online security and fraud prevention are top concerns of Brits and want their bank guarantee them.

Majority (60%) of the respondents said they want ‘peace of mind’ when using cards online.

Respondents added that the banks should enable users to switch their cards on and off for better fraud controls and also help in quickly reactivating their blocked cards.

Nearly one-third (30%) of the people said that they have been cheated when their card transactions were declined without notification.

The same number of people (30%) said they were frustrated by declined transactions without any prior notification. About a fifth (18%) disliked the long time taken for replacing the blocked cards.

The UK’s denizens are ready for real-time interaction with their banks, which is clear with the fact that nearly a third (31%) of those surveyed saying they do not like calling bank call centres.

Under half (49%) of all the respondents want their banks to inform them before a card is declined and more than a quarter (27%) were of the view that the real time transaction alerts should be displayed.

Additionally, 22% of the participants said that their bank should provide facility for setting their own transaction limits using mobile phone app.

During overseas trip, the users want automating travel notifications. Nearly 30% of the respondents said they want to use a mobile app to set controls for their cards.

Ondot Systems co-founder and executive vice president Rachna Ahlawat said: “The essence of the problem is the desire for a personalised service.

“While banks in UK are responding with digital channels for account management, their customers are seeking real-time solutions for their everyday needs such as reducing friction in everyday use of cards, securing online transactions and automating travel notifications.”

“Customers are looking for more innovative services and Banks need to respond by card digitisation to both empower their customers, which includes card controls that allow them to better personalise, manage and control how payments are made and create new digital payment experiences in today’s world of always-on digital commerce.”