Banking on technology: Trust us!
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Opinion

Banking on technology: Trust us!

UK banks that focus on tech are seemingly rewarded with greater customer trust.

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Illustration: Pixabay

If Hollywood blockbusters teach you anything it is that tech will probably take over the world and really shouldn’t be trusted.

But that doesn’t seem to be the view of the UK banking sector.

At least that is the case according to the Fairer Finance Trust in Banking Index, which polled 10,000 consumers in the UK in August on how much they trust their bank. The key finding was that banks that put more focus on tech are rewarded with greater customer trust.

Challenger banks such as Monzo and Starling Bank are highly trusted by their customers. Both banks have close to 60% of customers strongly agreeing that they trust them. Respondents attributed this approval to better websites, apps and tools that help customers budget.

Traditional UK banks saw a much lower trust score, with the likes of HSBC, TSB and RBS scoring around 30%.

Bucking the trend

According to Fairer Finance, trust in the banks is at its highest in the eight years the poll has been running. On average, 80% of respondents agreed that they trusted their provider across products such as mortgages and current accounts – a big improvement on 2015, when the figure was only 65%.

But


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