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NetApp reports UK consumers trust banks with money, but not with data

By Joy Dumasia

July 09, 2021

  • Netapp
  • UK

NetApp, a global, cloud-led, data-centric software company, today reveals that UK consumers trust banks to protect their money more than their data, with 80% of Brits stating that they feel their money is safe at their bank. Still, only 66% feel the same when it comes to their data.

In a survey of 800 consumers across the UK, Germany, France and Spain, the research details that whilst convenience is crucial, security concerns and a dislike of AI-based services are barriers to technology adoption in the financial services sector.

UK consumers have had to become comfortable with virtual banking due to the pandemic. An overwhelming majority (82%) now prefer to access information or services from their banking provider via their website; 94% rate online banking as the most critical banking service – higher than any other countries surveyed.

82% of UK consumers like the convenience of paying through a third-party provider such as PayPal or Apple Pay, 64% are afraid criminals may steal their account data if they use third-party providers.

People prefer to talk to humans, with the UK ranking the highest of all countries surveyed with in-person face-to-face service (73.5%) ranking as the most critical banking services available. By contrast, in the UK, 24/7 service via a chatbot (31.5%) and investment advice by Robo-Advisors (4.5%) ranked amongst the lowest.

Steve Rackham, Senior Solutions Engineering Manager, EMEA Global Finance at NetApp, said: “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. This suggests consumers don’t feel automated services such as chatbots 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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