86% of UK consumers trust banks to manage money ‘effectively’, says report  

According to a report launched today by SQS, 86% of UK consumers trust their banking providers with their personal information and to manage their money effectively.

Despite this, the report found that consumers would be quick to look for another provider if something goes wrong.

Account holders (62%) said that if their bank suffered a data breach their trust would be broken, and 55% would consider becoming a victim of fraud grounds for loss of trust.

Those who would lose faith in their provider if the website or mobile app stopped working properly accounted for 37% of respondents.

The convenience of banking tech

However, 95% of those who now bank online agree that it makes banking quicker, valuing the convenience banking technology brings.

The report also found 18–24 year olds are more forgiving as a generation, with 55% saying they would lose trust in their bank as a result of a data breach, compared to 71% of 65-74 year olds.

Dik Vos, CEO of SQS, said: “With technology a key differentiator among providers, banks face a challenge to drive market share from mature technologies whilst exploring and implementing new service options effectively.

The need for digital quality assurance

“As the digital banking ecosystem continues to evolve, the need for digital quality assurance becomes a top priority to keep customer trust and generate positive feeling.”

The report concludes that customers are embracing banking technology and favouring it over more traditional methods, with only 2% of customers saying they would check their balance by telephone or consider using it to apply for a loan.

Written from press release by Leah Alger