Consumers want the latest bank apps, but would rather not use them

By Roger Baird on 15th May 2019

Fintech

Bank customers remain conservative about adopting new technology.

Consumers want the latest bank apps, but would rather not use them

Customers say they want their bank to provide the latest technology, despite being wary about how secure these new tools are, said a report.

More than two-thirds of consumers, or 69 per cent, “expect their bank to be delivering the latest technology”, according to Dutch bank ING’s seventh international survey on New Technologies.

However, 62 per cent of customers say they “aren’t comfortable” with a computer programme making important investment decisions for them. Added to this, only just over half of Brits, or 52 per cent, rate facial recognition as a secure technology.

Consumers are also largely unaware of key open banking terms behind these technical advances.

The report reveals that 52 per cent of Brits are not aware of the Second Payment Services Directive (PSD2) measure, which allows financial providers access information held by your bank in some countries providing consumer consent is given. On top of this, 64 per cent add “they would not be happy” to use this service.

However, those who have adopted digital services say they provide real benefits.

Sixty-seven per cent of those who manage their money through devices say they view their account balance more frequently, 32 per cent claim they take less risks with their money, with 41 per cent adding they think about money more.  

ING behavioural scientist Jessica Exton said: “Many people are now mobile bankers, using multiple devices to manage their money on the go and across different platforms. Yet while a large majority agree that the latest financial technologies should be available to them, when it comes to newer digital ways of managing money, we see some hesitance around adoption. Concerns about security, privacy and maintaining control of finances appear to be key barriers.”

She added: “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.”

ING’s New Technologies surveyed 14,824 respondents in 15 countries.

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