Britons believe that big banks should acquire fintech

A study from insight research company Strive has shown that more than 50 per cent of the British public believe that big banks should acquire fintech.

The study surveyed more than 1,000 people, exploring their views on how the finance industry should incorporate technology innovation, and found that 13 per cent believe that it should be done through big tech companies such as Google, whilst 28 per cent said that it should be done through expansion of online-only banks.

Trust

The research also showed that British consumers still have more trust in banks than third parties, with 56 per cent saying that they are happy to use their bank’s app for banking activities such as transferring money, checking their balance and paying bills, compared to just 26 per cent who have used third-party companies such as Apple Pay or Samsung Pay.

Respondents also discussed their main concerns about fintech innovation, with data privacy and AI being amongst the top worries. When it comes to receiving financial advice, more than a third of respondents believe that advice from a qualified professional will always be superior to AI advice, whilst more than 25 per cent would feel suspicious of financial advice offered by a bot.

More than a quarter of those surveyed also believe that the introduction of new digital and online providers will result in high street banks and other providers making big improvements to their services.

Pivotal

True Digital Managing Director Tim Jones commented: “2018 is shaping up to be a pivotal year in the financial services industry.”

He added: “For several years now, there has been much talk about digital transformation and the significance of FinTech but this is the year we will really see things come to fruition with the more mature, widespread application of technology-driven solutions.”