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Brits wary of new banking tech, despite high demand

Brits expect their banks to deliver the latest technology to them but are less likely to rush to use it, suggests a survey from ING.

The Dutch bank, which quizzed nearly 15,000 people across 14 countries, says that more than two-thirds of British respondents expect their provider to be offering the latest technology.

Yet, for instance, 63% have never used fingerprint or voice recognition to log into their bank’s app and nearly a third think that their lender is over-ambitious in introducing new services on different devices, saying they do not need or want more ways to interact.

For those who are using devices such as phones and tablets to manage their money, many agree they are keeping a closer track of their finances, with 67% viewing their account balance more frequently and 32% taking less risk with their funds.

ING suggests the conflicting views on expectation vs adoption may be due, in part, to a lack of trust in technology – only half of Brits rate facial recognition as a secure tool. Meanwhile, 62% aren’t 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, in most cases in addition to digital channels.

Finally, Open Banking and PSD2 are still not well known or understood. Just over half of Brits are not aware that in some countries, providing consent is given, financial providers can access information held by other companies. Similarly, 64% say they would not be happy to use this and only 23% say it would be useful.

Jessica Exton, behavioural scientist, ING, says: “Consumers indicate that they want banks and other financial institutions to stay in the lead by developing new ways to help them manage their money despite any reluctance to accept them immediately.”