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A probe into Security and Trust in User Experience Design for Online Banking

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 A probe into Security and Trust in User Experience De-
sign for Online Banking
Mahsa Tarang1
1
University of Brighton, Brighton BN1 9PH, UK
[email protected]

Abstract. The relationship between online banking security, trust, and user ex-
perience (UX) design is examined critically in this literature review. Given the
swift transition of financial services to digital platforms, it is imperative to un-
derstand the many elements that impact customers' perceptions of safety and re-
liability. Given the high perceived risk and potential consequences associated
with mobile banking, it is imperative that service providers earn customers' trust
and improve their mobile banking experience. This study examined the factors
driving the acceptance of mobile banking and included opinions on trust and flow
experience. The results show that perceived ubiquity and ease of use have a
greater impact on flow experience than structural certainty does on confidence.
Trust has a significant impact on flow experience, and usage intention is impacted
by both of these factors, which in turn affects actual usage. Mobile service pro-
viders need to address trust and flow experience in order for consumers to accept
and use mobile banking services.
Keywords: User Experience Design, Trust, Bank, Financial Services, Security.

1 Introduction

Mobile banking is one of the ways the banking sector is trying to swiftly adapt to the
digital transformation that has become vital in this fast-paced era of life and business.
People's preferences for conducting business have undergone significant shifts as a re-
sult, particularly in the form of a) the movement of face-to-face transactions to digital
communicates via banking, internet banking, and artificial intelligence-powered call
centers; b) the demand for instant access to banking services through non-cash transac-
tions made using mobile phones, which don't depend on location or time. Furthermore,
most activities ought to be linked online in cyberspace, the general public views. [1]The
foundation of this transition, as financial transactions move increasingly into the digital
sphere, is digital trust. Users' trust in the security, reliability, and resilience of the digital
platforms they interact with is essential to their ability to conduct financial transactions
online with confidence. [2]
The usability and functionality of the product are becoming increasingly crucial.
According to the international standard ISO9241-11, usability is defined as "the extent
to which a product can be used by specified users to achieve specified goals with effec-
tiveness, efficiency, and satisfaction in a specified context of use." [3] Recent research
have shown that website design elements, graphics, high-quality information, ease of
navigation, background pictures, and page colors have the most effects on users'
2 Mahsa Tarang

acceptance of online banking services. [4]Applications for mobile and internet banking
offer a particularly intriguing target for a variety of abuses and intrusions. As a result,
banks need to be very mindful of these applications' security. Most of times, an appli-
cation's ease of use—one of the primary indicators of user satisfaction—is impacted by
security measures. [3]
Most banks have a history of utilizing security mechanisms that offer the highest
level of protection. In most cases, these security measures are rather stringent and pre-
vent people from completing transactions. If not, complex, and rigorous security
measures might provide effective defense against external incursions but seriously im-
pede users' ability to communicate normally over the Internet or mobile banking, en-
dangering internal security. Complicated security protocols encourage users to adopt
poor security procedures, such writing down passwords and account access processes,
which might render the security precautions that the bank has advised customers to take
ineffective. For Internet service providers, striking a balance between improved user
experience and Internet and mobile banking application security is getting steadily
more difficult. [3]
To address this balance and importance, the present literature review aims to do a
thorough investigation, to analyze every aspect of digital trust in online banking. The
research looks at user behaviors, attitudes, and the effects of technology to find best
practices and difficulties with creating and maintaining digital trust. [2]

2 Conceptual Framework

2.1 Security
When it comes to digital banking, keeping customer data and transactions secure is
essential. Customers have a very high level of regard for the security of their financial
information, especially in light of the increase in cyberattacks. Digital banks need to
implement robust security measures in order to gain the faith and trust of their custom-
ers. Research has shown that clients who feel more secure while banking online are
happier and more loyal. Features like proactive fraud detection, two-factor authentica-
tion, and encryption techniques are necessary to improve consumer pleasure and loy-
alty. [5]

2.2 Trust
The fundamental principles clients need to have while doing online financial transac-
tions are reliability, security, and confidence, and they are captured by the Trust Para-
digm. [2]In the context of a bank-customer relationship, trust is crucial. The bank is
expected to meet the client's expectations since the consumer entrusts it with their hard-
earned money. When one side in a partnership has faith that the other will one day
honor its pledge or responsibility, a trust is established. Sincerity, competence, and
benevolence are necessary elements of trust that are necessary for any relationship mar-
keting strategy to succeed. [6]
 A probe into Security and Trust in User Experience Design for Online Banking 3

2.3 User Experience Design

User experience is how people perceive and react to a product, system, or call after
utilizing it or intending to use it. In simpler terms, the user experience is the way that
you feel about every interaction that you have with the material that you are interacting
with while using it. [7]

3 Security measures in Online Banking

3.1 Security Mechanisms in Online Banking

Application security is crucial for maintaining the integrity and functionality of digital
business infrastructures. It protects data and information in information systems from
disruptions, ensuring robustness and reliability. Key topics include security, privacy,
and data confidentiality. Indicators like secrecy, consistency, data authenticity, trans-
action verification, encryption, and spam blocker are used to demonstrate safeguards
for applications. The application's capabilities in data confidentiality, integrity, authen-
tication, availability, access control, and non-repudiation are also considered as security
elements. The bank should emphasize the application's ability to guarantee data pri-
vacy, accuracy, legitimacy, and control access, providing a uniform reference for as-
sessing and improving security characteristics. [1]

3.2 How security contributes to user experience

The adoption of mobile banking is the subject of an analysis that highlights the direct
influence of perceived utility, social risk, performance risk, and prospective advantages
on attitudes to mobile banking. Remarkably, current user satisfaction studies frequently
ignore security as an indicator in favor of elements like accessibility, trust, and simplic-
ity of use. Numerous studies highlight the importance of monitoring the hazards asso-
ciated with internet banking, arguing that reducing risks is more important than high-
lighting advantages. Studies are conducted on consumer dissatisfaction with two-level
authentication, and several authentication alternatives are suggested to accommodate a
wide range of user preferences. Research indicates that the adoption of mobile banking
is highly impacted by security as well as perceived utility and usability. The studies
highlight the various security strategies used by banks and call for standardization to
improve defenses against breaches. They contend that standardization would make it
easier to build interfaces, make improvements, and improve security in online and mo-
bile banking systems.[3]
4 Mahsa Tarang

4 Trust Formation in Online Banking

4.1 Trust formation in online banking

Researchers find it difficult to define trust properly, and they frequently confuse it with
synonyms like credibility, dependability, or confidence, making it difficult to concep-
tualize. We opt for a definition of trust that is influenced by Russell Hardin's (2002)
concept of trust as "encapsulated interest" for the purpose of discussing user trust and
its connection to UI/UX, in line with many other scholars. [8]According to this inter-
pretation of the term, trust consists of a three-way relationship in which a trustor has
faith in a trustee over a certain area of activity (i.e., A trusts B with regard to X). Ac-
cording to Hinchman (2005, p. 578), trust may be defined as a type of deliberate reli-
ance in which the reliance is guided by a counterfactual sensitivity to evidence of the
trusted party's unreliability. As a result, trust exposes the trustor to some risk since they
are leaving themselves up to the possibility that the person, they are trusting is not
trustworthy. [9] Trust is a complex construct encompassing competence, honesty, and
compassion, encompassing sincerity, competence for successful transactions, and hon-
esty for maintaining commitments.[8]
Scholars have been conducting research on trust related issues, to present plenty of
evaluation models and social norms. Tian Junfeng (2011) studied key mechanisms of
the trust model, methods, and existing problems, while Shaikh (2012) found that tech-
nical structure, mobile communication security, perceived usefulness, and quality of
service play a significant role. Fang Zeyin (2012) analyzed security factors and pro-
posed secure solutions for mobile banking security encryption cards, establishing the
theoretical foundation for financial security, business development, and large-scale ap-
plications for mobile banking. Tian Junfeng (2011) studied key mechanisms of the trust
model, methods, and existing problems, while Shaikh (2012) found that technical struc-
ture, mobile communication security, perceived usefulness, and quality of service play
a significant role. Fang Zeyin (2012) analyzed security factors and proposed secure
solutions for mobile banking security encryption cards, establishing the theoretical
foundation for financial security, business development, and large-scale applications
for mobile banking. Jiabao Lin (2011) and Shuihong Yao (2013) studied mobile trust
in mobile securities, service quality in mobile banking, and its impact on users' behav-
ior. Zhou (2012) presented a multi-dimensional trust risk evaluation index system.[10]

4.2 4.2 Factors influencing trust

These three components form the foundation of our methodology for assessing
how user experience affects trust: The first perceived trustworthiness element in Fig. 1
highlights the fact that online interaction is the foundation for trust. Accordingly, the
development of user-friendly navigation and interaction patterns that adhere to the
seven principles of human-centered design (DIN EN ISO 9241-210)—task suitability,
learning suitability, individualization suitability, user expectation conformance, self-
descriptiveness, controllability, and error tolerance—can help to foster the development
of trust. [11]According to the second aspect, banks must demonstrate friendliness to
 A probe into Security and Trust in User Experience Design for Online Banking 5

their clients in order to reassure them that they are welcome and that certain services
are accessible to assist them with financial concerns and inquiries. Trust grows as a
consequence of introspection.
The impression of the bank's strong brand ideals is the third aspect that affects trust.
built on criteria unique to each bank, trust is built on the coinciding values of the parties
as well as their credibility as reliable partners. Making sure the trustor sees those par-
ticular criteria as trustworthy indicators is essential to developing trust.[11]

Fig. 1. Model of influence of user experience on users’ trust in a bank (adapted from
Mayer/Davis/Schoormann 1995). [11]

5 UX Design elements influencing Security and Trust

Website design, encompassing aspects like navigation, service information, transac-

tions, and pricing, significantly influences customer performance expectancy in internet
banking. Customers prefer user-friendly websites with easy access to tailored infor-
mation, aiming to reduce search efforts, enhance engagement, and build trust in the
bank's capabilities. [12]The studies found that a number of trust cues affect how users
perceive a website. First, despite merely giving the logo a cursory glance, participants
linked the bank brand to competence and dependability. Second, consumers gave the
bank's contact choices high marks since they could easily get in touch with them via a
variety of channels, and eye tracking showed that they paid attention to the alternatives
that were positioned prominently. Thirdly, players felt more at ease and trusted when
they saw pictures of well-known people, such bank counsellors. Fourthly, several par-
ticipants reported a good emotional impact from the carefully chosen photos and mov-
ies. Fifth, eye tracking revealed that participants quickly located themselves, indicating
an anticipation for their presence—a crucial component of trust—despite without hav-
ing read terms and conditions or privacy regulations. Finally, participants actively
sought out legal notices as components that foster trust; their deliberate placement sug-
gests that users recognize the importance of these notices for trust. [11]
Participants identified key distrust signals related to website design. Firstly, com-
plexity was highlighted, with six participants emphasizing the importance of clarity for
quick navigation and information absorption. Despite participants feeling comfortable
with the website, eye-tracking revealed delays in accessing targeted information, indi-
cating potential confusion. Secondly, an unstructured setup raised concerns, as six out
of seven participants stressed the need for simplicity and a familiar layout for certainty
6 Mahsa Tarang

in website interactions. Thirdly, information overload caused frustration for six out of
seven participants, leading to negative experiences and potential brand image repercus-
sions, as evidenced by participants resigning after unsuccessful searches for requested
information.
During the research, the user experience showed room for development of contact
options, eye-catching images and videos, real photos of customers and staff, implemen-
tation of user-centered design and reduce complexity and avoiding information over-
load. [11]

6 Challenges and trade-offs

E-banking services offer both advantages and challenges, including account issues,
transaction failures, server connection issues, social engineering, lengthy transaction
processes, inadequate customer support, and missing transaction details. However, they
also provide speedy transactions, time savings, flexibility in location and time, cost
savings, and physical security to customers. [13]It is crucial that Digital Bank persuades
the public that utilizing its services would enable them to accomplish certain goals and
be beneficial in their banking activities. [14] It is even more difficult, in the banking
sector, managing emotions while creating financial products. [9] In the conducted re-
search, Participants must articulate their experiences, relying on their memory for ac-
curacy. Memory biases may affect responses. Focusing on major incidents, not com-
mon ones, is crucial. The coding and affinity diagram process must be shared, ensuring
everyone understands all traits and aspects. [8] That is why in some other research, the
eye tracking or think-aloud is conducted other than interview or filling forms.

7 Future Directions and Recommendations

Further qualitative and quantitative research is required to assess the user experience
trust model in greater detail. Additional user experience analysis techniques may be
employed for such future work. Additional physiological data, such as monitoring mo-
tion and gestures, speech analysis, electrodermal activity, and facial expressions. [11]In
addition, trust is considered as a dynamic process which develops gradually (Rousseau
et al., 1998), even though in most of research, the length of customer relationship to
bank is not considered, which could be important. [15]

8 Conclusion

The literature analysis emphasizes the importance of digital trust, security, and user
experience in mobile banking. Banks must balance user-friendliness with strict security
protocols, while user experience influences trust development. The study highlights
challenges in e-banking services and calls for further research to improve the user ex-
perience trust model. This comprehensive understanding of digital trust in mobile bank-
ing provides guidance for future studies and business procedures.
 A probe into Security and Trust in User Experience Design for Online Banking 7

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 8 Mahsa Tarang

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