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Are we ready to trust tech when it comes to financial services?

Ben Brabyn, Head of Level39, looks at whether the public is ready to trust digitisation when it comes to financial services.

The City as we know it is changing. Banks are beginning to see the effects of the digital economy as new, exciting and tech-enabled startups, successfully enter the financial services sector. The breakthrough to unicorn status of Revolut, the challenger bank based in Canary Wharf, where it has grown from a team of only six to over 100 in less than 3 years. This is the most recent example of the rapid success FinTech companies are experiencing over the last few years. Traditional banks are struggling to keep up.

Yet the rapid growth of FinTech does not necessarily mean that the public trusts the fully digital service that these companies are offering. Recent research by the RFi group found that consumers often opted for the online banking applications of established financial institutions over digital-only banking apps. In fact, 49% of consumers globally feel their bank can keep their money safe compared to just 27% for digital challengers....