Millions of people do not trust fingerprint and voice recognition, according to HSBC research. The bank commissioned a study of 12,019 people in Canada, China, France, Germany, Hong Kong, India, Mexico, Singapore, The United Arab Emirates, UK and the US. It found that 80% believe technology makes their lives easier but only 46% trust fingerprint recognition to replace their password. 84% would, however, share their personal data with their bank if it meant getting a better service.
People rely on traditional passwords to confirm their identity (70%) with only a fifth using fingerprint recognition and just 6% voice recognition. 24% have not heard of, or do not know what voice activation technology is, despite it being widely available in smartphones.
“Digital technology is rapidly evolving and customers are now able to bank more simply, quickly and in the most secure way possible,” says John Flint, Global Chief Executive of Retail Banking and Wealth Management at HSBC. “While people say they place huge value in the security of their personal data, they do not yet understand that adopting new technologies can help them to protect their information. Our research shows many people do not understand new technologies and so are unable to place trust in them. We have a role to play in building our customers’ knowledge and trust so that they see the value to their lives in adopting a new payments app or the latest biometric security. At HSBC we will continue to adapt as customers’ needs change, to provide banking services on their terms.”