Study finds gaps in tech trust among UK bank customers

  • Six out of ten customers who use mobile banking apps have not installed facial biometric authentication

  • The confidence deficit is most pronounced among people aged 55 and over

LONDON, October 04, 2022–(BUSINESS WIRE)–New research by Mitek, a global leader in digital identity and digital fraud prevention, and YouGov, indicates that bank customer confidence remains low in the UK. Only half (52%) of UK banking customers believe that artificial intelligence (AI) and biometrics have a positive impact on their trust in banks, and only 5% would prefer all interactions with their bank to be done via AI/automated systems. These findings are based on a study of over 2,200 adults across all age groups and regions in the UK.

The industry has experienced a rapid digital transformation in recent years. Gartner predicts a 6.1% rise in IT spending by banking and investment services firms by the end of 2022, to $623 billion globally. While almost eight in ten consumers (79%) are satisfied with their digital banking experience (qualifying it as “good”, “very good”, or “excellent”), banks run the risk of finding themselves in a R&D if the technological trust deficit continues to widen.

According to research by Mitek and YouGov, account security is ranked as the top priority for UK banking customers, ahead of ease of access and ease of opening an account, with 79% wanting banks are adopting the latest technologies available to protect their accounts. This feeling is strongest among people aged 45 and over (83%). However, despite this trend, only 35% who use a mobile banking app report having configured facial biometric authentication. While the proportion stands at 50% among 18-34 year olds, it drops to 20% among those aged 55 and over, suggesting a lack of awareness of the benefits of biometrics in securing accounts.

When it comes to trusting a bank, 77% of UK banking customers say the ability to speak to a human when needed would have a positive impact on their level of trust. This percentage is higher among those aged 55 and over (85%), compared to those aged 18-34 (71%). The latter group is also less likely to cite the ability to get to a local branch, compared to the 55+ group (55% vs. 65%).

Sanjay Gupta, VP, Mitek“At Mitek, we believe in the potential of technology to help financial institutions ensure account security, and build customer trust and loyalty. Closing the technology trust gap and raising awareness is critical. public to more advanced technologies, such as biometrics and AI, to replace outdated and vulnerable modes of authentication, such as passwords.”

Study methodology

Unless otherwise stated, all figures are from YouGov Plc. The total sample size is 2,225 adults, of whom 2,202 have a bank account. The study was carried out online between 13 and 19 April 2022. Figures have been weighted and are representative of all UK adults (aged 18+).

About Mitek

Mitek (NASDAQ:MITK) is a global digital access leader, created to launch a bridge between the physical and digital worlds. Mitek’s identity verification technologies and global platform make digital access faster and more secure than ever, providing businesses with new levels of control, ease of deployment and operation, while protecting the entire customer journey. Trusted by 99% of US banks for mobile deposits and 7,500 of the world’s largest organizations, Mitek helps businesses reduce risk and meet regulatory requirements. More information on www.miteksystems.com. Follow Mitek on LinkedIn, Twitter and Youtubeand find here the latest posts from the Mitek blog.

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View the source version on businesswire.com: https://www.businesswire.com/news/home/20221003005231/en/

contacts

For more information, press only:
Angela Romei
Mitek Systems
aromei@miteksystems.com

Teresa Zhou
UK LEWIS for Mitek
MitekUK@teamlewis.com



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Study finds gaps in tech trust among UK bank customers


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