HSBC plots to stop rise of the technophobe
A lack of understanding and trust in technology is stalling mainstream adoption of innovative new fintech services, according to HSBC’s research.
The bank’s report, “Trust in Technology”, shows that technologies such as fingerprint recognition, voice recognition and robo-advice “hold enormous potential” for uses from bank security to mobile payments and investment advice.
John Flint, global chief executive of retail banking and wealth management at HSBC, says: “Our research shows many people do not understand new technologies and so are unable to place trust in them.”
They may also have seen the story that HSBC was left red-faced after a BBC reporter and his non-identical twin tricked its voice ID authentication service.
HSBC commissioned a study of more than 12,000 people in 11 countries and territories looking at their perceptions and use of technology.
The study reveals 80% believe technology makes their lives easier but 46% trust fingerprint recognition to replace their password. Also, 84% would share their personal data with their bank if it meant getting a better service.
Despite all the stories on biometrics, 70% of people still rely on traditional passwords to confirm their identity with only 21% using fingerprint recognition and just 6% using voice recognition.
If you’re a robot look away now, as only 11% would trust any type of robot, including chatbots, to open a savings account or provide mortgage advice.
According to HSBC, the least understood new technologies include blockchain (80%); robo-advisers, automated investment advice (69%); and finance applications integrated into social media (60%).
In terms of money management, the most common channels include online banking via a bank website (67%); ATMs (55%); and branch visits (41%).
Of course, the reasons for revealing this data is for HSBC to make some money, and so it is developing its educational programme with the introduction of 3,000 “digital champions” by the end of 2017. Their role is to help embed new digital “ways of working” across HSBC, in particular with the “customer-facing front line” (RIP English).
By the end of 2017, HSBC says over 31,000 HSBC employees in 12 markets will have received “digital Thursday” training – an initiative that involves those “champions” delivering training to branch employees and contact centres, “equipping them to have positive conversations with customers about the positive changes that digital is enabling”.
Just watch out for cats.