Half of millennials participating in the survey said that they would not trust traditional banks with e-money transactions, while one in three cited that they would rather trust a technology company in this case.
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Trust for technology firms in this regard was relatively higher (32%) among the 18-24 year age group, while the percentage declined to 17.5% among 55-64 year age group.
Further, 41% of 25-34 year olds said that they would not trust their bank in this regard. The same concerns were cited by 24% of 35-44 year olds, 24% of 45-54 year olds, and 17% of 55-64 year olds.
Also, 47% of customers said that they actually met someone from their bank in person in the last year.
Neopay commercial director Scott Dawson said: "Traditionally, banks have been synonymous with dependability and solidity. However, since the banking crisis, the sturdiness of banks has been cast into doubt.
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By GlobalData"Also, the increasing frequency of scandals, combined with concerns about infrastructure and reliability, and the increase of automated processes have all served to erode trust and undermine the reputation of our banks.
"At the same time, we’ve seen the emergence of new technology companies that are rich with our personal data and are seen to be fuelling much of the innovation and growth across the wider economy."
