Fintech makes the world go around

May 16 2019   2:24PM GMT

Brits want their banks to offer the latest fintech services but are not ready to use them

KarlFl40 Profile: KarlFl40

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If I had a pound every time somebody mentioned to me that London is one of the world’s capitals of fintech, I would probably be a bank.

And I don’t doubt it. I currently have a file full of recordings of fintech interviews that I have not yet had time to write up. Most of these companies are London based.

But it seems that much of the work being done in fintech is being wasted on Brits. According to the research team at ING bank Brits just aren’t that into the latest tech for banking.

The Dutch bank surveyed 14,824 people in 15 countries and found that the British are still pretty wary of using fintech innovations.

In fact 63% have never used fingerprint or voice recognition to log in to their bank’s app. Hard to believe, I use mine so much there is an actual in-print of my fingerprint in the home button.

But if you think that is shocking 70% of Brits still go into a branch for services.

But Brits although Brits are reluctant to use some of the latest tech they do want it to be there so when they are ready they can use it. The survey revealed that 69% think banks should deliver the latest technologies to their customers.

Jessica Exton, behavioural scientist in ING’s consumer economic team and the report’s author said: “Over time and if new digital approaches are shown to be reliable, useful and socially accepted, it is possible that the uptake of services such as automatically generated advice for budgeting and even investing could be rapid. That was the experience with the uptake of mobile banking. Consumers indicate that they want banks and other financial institutions to stay in the lead by developing new ways to help them manage their money despite any reluctance to accept them immediately.”

Here is a link to the full report.

 

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