Nine out of 10 people would not let an online computer program make financial decisions for them, according to the ING International Survey Mobile Banking 2017 – Newer Technologies.
The report polled nearly 15,000 people in 15 countries including the USA and Australia in February 2017 on attitudes to the role of mobile gadgets and technology in personal finance. Thirty-six percent in Europe say they don't want any automated financial activities at all.
Many may accept some help
At best, most indicate comfort with using computer-based guidance to help them make money decisions, while retaining veto rights – final approval over any suggestions or advice such a system might make. Across Europe, only three percent say they'd allow a computer to make financial decisions for them without their approval. Seven percent say they aren't sure “right now”.
But there are differences between countries. The USA has the largest share (7%) who say they'd allow a computer to conduct financial activities for them without their approval. The Czech Republic has the smallest share (1%).
Luxembourg has the highest share (52%) who say they don't want automated financial activities at all, and Turkey the smallest (21%). Poland has the largest relative proportion (12%) who say they "aren't sure right now".
Two in five favour a “human touch”
When asked if they had money available (about one month’s take-home pay) to invest, where they would most likely get advice, 15% in Europe simply say they wouldn’t invest anyway.
Higher proportions of respondents in the Netherlands (45%) and Belgium (25%) reply that they'd never invest money. At the other end of the scale, with the smallest shares in Europe, are Turkey (3%) and Romania (9%).
Of those who would consider investing, two in five (40%) say they’d prefer guidance from a human financial or bank adviser – rising to a high of 51% in Luxembourg and Austria. Fewer indicate they’d choose a real person over computerised assistance in the Netherlands (21%) and the UK (23%).
Banking on mobile technology
The report also looks at the variety of gadgets that can be used for banking, including mobile devices. Mobile banking with a smartphone, tablet or even a wearable device such as an Apple Watch is increasingly popular in many countries.
Of those in Europe who have not adopted mobile banking, 56% say they don't trust the security, and 22% say "it offers me nothing I cannot do in other ways when interacting with my bank".
Germany has the largest proportion who say they don't trust the security (68%). The UK has the highest share who say that mobile banking simply doesn't offer them anything new - that they cannot do some other way (35%), the survey finds.
This article is related to the ING International Survey: