08 August 2024
Written By FinTech Alliance in FinTech
A recent survey highlights a significant shift in trust towards digital-only banks among UK business leaders. Almost half (46%) of these leaders now trust digital-only banks as much as traditional high street banks. This shift in confidence is driven by several factors, including the convenience and accessibility of online banking services.
Interestingly, the trust level varies across different age groups. Younger business leaders, particularly those aged 18 to 44, are more inclined to trust online-only banks compared to their older counterparts. About 25% of younger respondents found digital-only banks more trustworthy, whereas only 6% of those aged 45 and above shared this sentiment. In contrast, 38% of older business leaders still favor traditional banks, primarily due to their belief in better protection and fear of online scams and data breaches, despite the similar protections offered by both types of banks.