New research by Mitek, a global leader in digital identity and digital fraud prevention, and YouGov has found that banking customers’ trust in technology remains low in the United Kingdom. Only half (52%) of UK bank customers feel that technology like artificial intelligence (AI) and biometrics positively impacts their trust in banks, and only 5% would prefer all interactions with AI/automated systems when engaging banks. These findings are based on a survey of more than 2,200 adults across age groups and UK regions.
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The industry has undergone a rapid digital transformation in the last few years, with Gartner predicting IT spending by banking and investment services firms growing by 6.1% by end of 2022, to US$623 billion worldwide. While nearly eight in 10 (79%) customers are satisfied with their bank’s digital experience (rating it “good”, “very good”, “or “excellent”), banks are in danger of facing a market-driven stalemate in their research and development should the tech trust gap continue to widen.
According to Mitek and YouGov’s research, account security is ranked as the top priority for UK bank customers over ease of access or ease of opening an account, with 79% wanting banks to adopt the latest technology built to keep their accounts safe. This sentiment is strongest amongst those aged 45 and above (83%). Yet despite this finding, only 35% who are comfortable using a mobile banking app say they have set up face biometrics to log in. While the number is at 50% for ages between 18-34, it drops to 20% for those aged 55+ – suggesting there may be a lack of awareness of the benefits of biometrics in securing accounts.
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When it comes to trusting a bank, 77% of UK bank customers said that the ability to speak to a human when needed would have a positive impact on their trust. This percentage is higher for those aged 55+ (85%) compared to those aged between 18-34 (71%). The latter group are also less likely to cite the ability to go to a local branch office than those aged 55+ (55% vs 65%).
Sanjay Gupta, VP at Mitek, says: “At Mitek, we believe in the power of technology to help financial institutions keep peoples’ accounts safe and secure, and in building consumer trust and loyalty. It is critical to close the tech trust gap and educate people on more advanced technology like biometrics and AI to supersede outdated and vulnerable ones like passwords.
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