Fearful finances: How to beat your online banking fears

When it comes to handling our most important assets, being afraid is perfectly natural. We want to make the right decision and worry about any negative consequences if we fail to do so. Online banking is becoming more and more popular. It is expected to increase by 54% in the next few years and reach 3.6 billion users by 2024. Still, many people are afraid to make the transition due to several common concerns. We’ve decided to list them all to help you better understand and resolve each one. 

Fear of online banking fraud

It makes sense to worry about online fraudsters and hackers reaching your bank account. If the issue of online banking security never even crossed your mind, we might be a little worried! Research shows that security is the most essential and in-demand online banking feature. People’s security-related concerts include hackers breaking into their accounts, identity theft done by fraudsters, fake apps that are available at unregulated app stores, and phones getting stolen or lost. 

The way to overcome this fear is by downloading apps from regulated app stores and checking their security level. Protect your phone and banking app with strong passwords and use remote access to delete the apps if your phone gets stolen or lost. Stay alert and informed and only collaborate with true professionals in the online banking field. 

Technophobia is real

Innovation is fantastic, but it can also be a little scary. About a third of us suffer from technophobia, the fear of technology, to some extent. Technolophia is more common among older generations and influences people’s ability to embrace new tech solutions, including online banking. In this day and age, when everything is digital, this is a serious problem that sometimes requires professional help. People worry about tapping the wrong button and accidentally wiring money, or even just facing technical hiccups that will prevent them from performing urgent financial tasks. 

It’s been proven that a user-friendly, inclusive UX can help reduce tech-related anxiety. Adding customer support that’s both highly available across multiple platforms and attentive helps, too. When choosing your online banking provider, examine the various support features, and look at the design to make sure it’s clear enough. Pay attention to how long it takes for the website and app to load, and you’ll know if this financial service is right for you.    

Financial phobia is also real

There are different types of phobias related to banking. Some people suffer from chrometophobia, which is the fear of handling money, while others are afraid of the bank itself. Finance can be a complicated topic that we may feel unqualified to deal with. We get anxious, worried, and even bored when learning about different online banking options. We may feel the urge to escape this topic whenever it comes up. 

If this situation sounds familiar, that is all the more reason to give online banking a try. Gather up the courage and face your fears. You can absolutely learn how to manage your finances! Choose a service that will be there with you every step of the way in terms of support, and take charge of this critical area of your life.  

Don’t let fear control you. Make decisions from a place of strength and conquer your phobias on the way to a better financial future. You can do it, and if you need advice, Rewire is right here.