Most UK consumers ‘trust banks' with money but not data

80 per cent of Brits say they feel their money is safe at their bank, while only 66 per cent feel the same when it comes to personal data, new research has shown.

A study from NetApp, which surveyed 800 consumers across the UK, Germany, France, and Spain, found that while convenience is important to customers, security concerns and a dislike for AI-based service are barriers to tech adoption in financial services.

While 82 per cent of the UK consumers surveyed said they like the convenience of paying through a third-party provider such as PayPal or Apple Pay, 64 per cent of UK consumers are afraid their personal data may be stolen by criminals If they use third-party providers.

“What we’re seeing here is that consumers in the UK want the convenience of online banking – they want services at their fingertips – but when it comes to dealing with financial decisions or answering important questions, UK respondents want in-person face-to-face services,” said Steve Rackham, senior solutions engineering manager, EMEA global finance at NetApp. “This suggests consumers don’t feel automated services such as chat bots or Robo-Advisors meet the level of service they require. It’s clear there’s much more innovation needed to build trust between UK consumers and automated financial services technology.”

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