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Banking technology fails to touch consumers

27 November 2000  |  2197 views  |  0 user man and child and PC

Barely one in four consumers find technology an acceptable substitute for personal service in banking, according to a new piece of research conducted among UK banking customers by TCA Consulting.

While 51 per cent of respondents accept that technology will eventually become advanced enough to satisfactorily manage their banking needs, few believe that technology can ever be more effective than bank staff in handling personal finances.

"These results indicate that many consumers still have certain reservations about online banking - particularly revolving around a lack of personal service and perceived gaps in security," says Mark Reeves of TCA Consulting.

The TCA survey was conducted over a four day period in late October among a sample of 960 UK adults. Among Internet users, more than half indicate that they would be happy to manage their current and savings accounts on the Net in future, and 47% say they would be prepared to use a single Web site to manage all of their finances.

Interest in other online services among Net users is similarly high: 32% state that they would consider managing their mortgages online, 43% their credit cards and 30% their pensions. A desire to access other financial services also scores highly - more than a third of the sample would be happy to peruse life assurance via the Web, while 44% would turn to the Internet for their general insurance requirements.

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