UK customers would trust banks with the right technology

Friday 21 November 2014 11:05 CET | News

Four out of five UK consumers would trust challenger banks with their money if they had the right IT infrastructure, a recent study indicates.

According to a research from Fiserv, more than a quarter of consumers (26%) had experienced an IT issue with their bank. And of those, over a fifth (22%) have switched away from that bank as a result.

Findings reveal that 81% would trust a bank if it had the right technology in place. Over half (56%) said a new bank would have an advantage over rivals if its IT was very reliable.

A study conducted by Infosys and French retail banking association EFMA shows that 45% of banks rated the threat from technology companies as high. Also, in a recent report, analyst company Forrester reveals that the high costs and strict regulation of setting up a traditional bank will push internet companies into roles that support the relationship between banks and their customers. These include transactional payment services, financial advice, money management and product comparisons.

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Keywords: UK, banks, technology, IT infrastructure, online security, web fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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