UK consumers are optimistic about having new technology in banking available to them. But they are not necessarily adopting it as fast as it is becoming available.
Nearly one third (30%) of Brits say their bank is over-ambitious.
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In particular, banks are introducing additional services on different devices that consumers say they do not need or want.
At the same time, over two-thirds (69%) expect their bank to be delivering the latest technology to them. And and a third (34%) say that since they started using devices to manage money, their financial goals are clearer.
For example, 67% of survey respondents say they view their account balance more frequently. Some 32% say they take less risk with their money and 41% say they now think about money more
These are the key findings of ING’s seventh International Survey on ‘New Technologies’ today.
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By GlobalDataNew technology in banking: expectation versus adoption
The conflicting views on expectation versus adoption may be due, in part, to a lack of trust in technology. There may also be concern over the security of interacting with online tools. Only half of Brits (52%) rate facial recognition as a secure tool says ING. Meantime, 22%
believe voice recognition is not secure. This indicates a gap between services provided and accepted amongst consumers.
Furthermore, 62% percent of Brits are not comfortable with a computer programme making investment decisions on their behalf. And 41% say no to receiving recommended improvements to their spending habits from robo-advisers.
In fact, 70% say they maintain the use of their local bank branch. This is, in most cases in addition to the use of technology to access banking services.
When it comes to awareness around financial data sharing innovations, such PSD2, many are in the dark. 52% of Brits say they are not aware that in some countries, providing consent is given, financial providers can access information held by other companies (i.e. a bank). Similarly, 64% say they would not be happy to use this.
Only 23% say it would be useful, signifying that more can be done to alert consumers to the potential benefits.
Jessica Exton, Behavioural Scientist at ING, says: “Many people are now mobile bankers. They are using multiple devices to manage their money on the go and across different platforms.
New technology in banking: security and privacy concerns
“Yet while a large majority agree that the latest financial technologies should be available, we see some hesitance around adoption. Concerns about security, privacy and maintaining control of finances appear to be key barriers.
“Over time and if new digital approaches are shown to be reliable, useful and socially accepted, it is possible that the uptake of services such as automatically generated advice for budgeting and even investing could be rapid.
“That was the experience with the uptake of mobile banking. Consumers want banks and to stay in the lead by developing new ways to help them manage their money. This is despite any reluctance to accept them immediately.”
