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UK Internet Users Put Their Trust in Banks

Almost 50% of those surveyed want facial recognition rather than passwords

November 7, 2016 | Financial Services

Nearly 60% of UK internet users ages 16 and up surveyed by Direct Marketing Association UK (DMA UK) in May 2016 said they would be interested in using a service which would let them know which saving accounts offer the best rates. The survey also revealed that about half of respondents want facial recognition in the place of passwords when it comes to accessing their accounts.

Digital Banking/Financial Technology Services that UK Internet Users Would Be Interested in Using, May 2016 (% of respondents)

Over 40% also were interested in implementations of facial recognition for bank transfers. When it comes to banking, it&Rsquo;s not that many UK users are worried about privacy, as nearly half are supportive of facial recognition via their bank or financial institution: UK internet users are concerned instead about security.

Other research confirms that millennials at least do tend to trust banks in the UK. Well over half of UK millennial internet users surveyed in June by SAS and Future Foundation named financial institutions as trustworthy destinations for their personal data.

Entities that Young Adult* Internet Users in Select Countries Do Not Trust to Protect Personal Information, May 2016 (% of respondents)

In fact, according to a LexisNexis survey from May 2016, just 12% of internet users ages 18 to 34 in the UK don’t trust financial institutions to protect their personal information. In Germany, nearly 20% don’t trust financial institutions. In a time of general unease with regard to banks and the financial sector, young UK internet users are less than fearful of them, on the whole.

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