Adopting new technologies could help banking customers, according to HSBC

Adopting new technologies could help banking customers to protect their information, according to HSBC.

The bank surveyed 12,019 people in the UK, US, Canada, France, Germany, Hong Kong, China, India, Mexico, Singapore and the United Arab Emirates and found that many do not trust new technologies when it comes to banking, with just 7 per cent saying that they would trust a robot to open a savings account.

Traditional

The report found that people prefer traditional methods when it comes to protecting their personal data, with 70 per cent relying on passwords compared to a fifth who use fingerprint recognition and 6 per cent who use voice recognition. Just 11 per cent of people would trust a robot with banking services such as mortgage advice or opening a savings account.

Respondents were found to lack knowledge of new technologies, with blockchain, finance applications integrated into social media and robo-advisors being amongst those that are the least understood.

The research showed that many people still rely on traditional methods of banking, with online banking via a website being the most popular at 67 per cent. This was followed by ATMS at 55 per cent and branch visits at 41 per cent.

Evolving

HSBC Global Chief Executive of Retail Banking and Wealth Management John Flint commented: “Digital technology is rapidly evolving and customers are now able to bank more simply, quickly and in the most secure way possible.”

He stated that whilst people say that they place great value in the security of their personal data, they do not yet understand that the adoption of new technologies can help them protect their information.

He added that HSBC’s research shows that many people do not understand new technologies and so are unable to place their trust in them.