Can We Trust Financial Technology? Do We?

Savers and investors are nervous about fintech. Even people who would trust a robot to perform heart surgery on them wouldn't let it manage their bank account.

Maybe they're right to feel that way. When we go into the operating theatre we just want the doctors to take out the nasty thing and prolong our life, please.  Our decisions about money are more about our goals, plans and personal tastes;But doesn't that beg the question, why do we trust human financial advisers? Are they really smarter than us?

HSBC’s Trust in Technology report, based on a survey of more than 12,000 people, examines attitudes towards digital tools in 11 countries around the world. Asian consumers are more positive than  British and Europeans.

According to the bank's announcement summarising the findings::

"In India, 50 per cent of people surveyed say that computers can provide more accurate advice than humans, the highest level of trust among the 11 countries surveyed. Just 18 per cent of people in Canada think a computer would be more accurate."

John Flint, HSC's Global Chief Executive of Retail Banking and Wealth Management, explained the banking group intended to use this research to ensure that when innovative services are delivered, they make sense to customers, and win their support, as well as meeting their needs.

“We have a role to play in building our customers’ knowledge and trust so that they see the value to their lives of adopting a new payments app or the latest biometric security. At HSBC we will continue to adapt as customers’ needs change, to provide banking on their terms.”

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