Comment on ING’s International Survey on New Technologies – Moneyhub

In advance of tomorrow’s release of the ING’s latest International Survey on New Technologies, Samantha Seaton, CEO of Moneyhub has commented on the role of technology in banking.

The ING report finds that Britons are still wary of adopting new technology in banking despite demanding increased technological advancement from their banks. The top-line stats of the report are:

  • 63% of Britons have never used fingerprint or voice recognition to log in to their bank’s app
  • 52% rate face recognition as secure and just 35% rate voice recognition as secure
  • 70% still go into a branch to access services from their main banking provider
  • Yet 69% agree banks should deliver the latest technologies to their customers
  • 80% believe banks should work together to ensure the latest payment systems work everywhere

Reacting to the findings of ING’s latest International Survey on New Technologies report which reveals that Brits are wary of new technology in banking, Samantha Seaton, CEO of Moneyhub comments: “It’s incredible to think of the pace of technological change in banking and a certain level of customer wariness is understandable. Money remains a highly intimate subject, and people are, quite rightly, hesitant to embrace technological advances that feel intrusive.

“Many of the advances have been hugely positive. Not only can customers conduct payments seamlessly, but accounts held with different providers can be monitored and managed via a single digital platform. Users are also able to receive ‘smart nudges’ to help boost their long-term financial wellbeing. We as an industry certainly need to make sure that we’re listening to customer concerns, but we also need to better communicate the benefits of innovation and technological advances. By doing that, we can ensure that the benefits of Open Banking can be fully realised.”