Customers Don’t Trust Robos, Because They’ve Never Heard of Them

It’s hard to keep up with the pace of technological progress in financial institutions these days– so many customers simply don’t.

Despite all the efforts from major FIs, banking customers globally say they have never heard of technologies like blockchain, robo advisors, and even digital wallets.

Blockchain, unsurprisingly, lead the pack, with almost 60% of customers indicating they have never heard of the technology, according to a study by HSBC released last week. Another 40% said they were unfamiliar with robo advisors, and 33% has never heard of financial services offered through social media. This unfamiliarity with the latest tech leads to stalling customer adoption, the study suggests.

From the report:

Increasing knowledge and understanding of new technologies, building predictability and reassuring users about security, are essential to establishing trust and accelerating adoption, the study indicates.

The research showed that providing a very simple explanation of how voice recognition works, ‘trust in biometrics’ rose from 45% to 51%.

In response to the study HSBC has committed to developing its educational program, including introduction of over 3,000 Digital Champions by the end of 2017.

HSBC surveyed 12,000 people in 11 countries for its “Trust in Technology” study. More information is available here.

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