Blogs | May 15, 2019

Natural caution aside, consumers are embracing banking technology

A lot is changing in banking. With data sharing, automation, fintechs and more, consumer choice has never been greater.

ING’s 7th annual survey on attitudes towards financial technologies is a story of the steady adoption of mobile banking, albeit with some natural hesitation, and a continued consumer interest in tech.

Meanwhile, there is room for new players to enter the field. Even though many consumers remain with just one bank, a similar amount now use additional financial service providers, too. New players are often heavily focused on tech and could further boost the use of new banking technologies.

The curve of adoption

Findings collected over the past five years demonstrate that we have become increasingly active in managing our money on the go. Since 2014, we have seen the use of mobile banking follow a general bell curve –rising from the first few early users (or ‘early adopters’) to a peak of adoption where it entered the mainstream, and back down.

Now we face new technologies and opportunities: more ways to share data, financial technology companies (fintechs) providing specialised services, automated advisors, and new security systems such as voice, face and fingerprint recognition.

We asked how people feel about these changes and how they are already integrating them into their lives. What we found suggests many are enthusiastic about banks providing new technologies, yet in some cases we are too early on in the adoption phase for widespread acceptance.

Check out the full report here.

Mobile bankingFintechTechnology

eZonomics team
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