Companies planning to launch banking services to challenge traditional banks in the UK should take note of research that shows four out of five UK consumers would trust new banks with their money if they had the right infrastructure.
Researchers polled around 2,000 people in the UK for banking IT supplier Fiserv and found more than a quarter of consumers had experienced an IT issue with their bank.
The research revealed that 81% would trust a bank if it had the right technology in place, and over half said a new bank would have an advantage over rivals if its IT was reliable.
Travers Clarke-Walker, EMEA managing director of the International Group at Fiserv said: "A reliable IT infrastructure can increase trust and help improve customer satisfaction. When you have difficulty paying for your petrol because your card doesn't work, you may start questioning the value of your banking relationship. Be it a new or established bank, neither can risk losing any of their customers due to something as avoidable as an IT issue.
"With the rise of online and mobile banking, it has become more important than ever for banks to have robust and reliable IT infrastructures that can withstand increasing demand and adapt to the changing needs of customers. The reality is that digital services are becoming increasingly important for consumers when it comes to their banking, and existing providers as well as new entrants must ensure a seamless experience across channels to remain competitive in the marketplace."
Large IT companies with state of the art IT are increasingly threatening banks in certain areas of their traditional business.
According to separate research from Infosys and French retail banking association EFMA, banks feel companies such as Google, Apple and Facebook are their biggest threats as technology firms start to offer consumers financial services.
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