HSBC poll reveals cautiousness over banking tech, Latest Business News - The New Paper

HSBC poll reveals cautiousness over banking tech

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People here would trust a robot to perform open heart surgery, but when it comes to a robo-adviser dishing out financial advice - forget it.

That was one of the findings of a new HSBC poll, which noted that many Singaporeans are still cautious about using banking technology even though they agree that it can make their lives better and simpler.

It found that 21 per cent of the 1,003 surveyed here would trust a remote-controlled robot operated by an experienced surgeon to perform open heart surgery, compared with 28 per cent of 12,000 surveyed from 11 countries. But only 7 per cent of Singaporeans would trust a robo-adviser programmed by humans for guidance on a savings account.

This finding was similar to the global figures.

The report found that while 66 per cent of Singapore respondents use online banking, "the uptake for newer experimental banking is lower".

Only 9 per cent prefer to use banking apps to manage their money - below the global average of 13 per cent.

Mr Anurag Mathur, head of retail banking and wealth management at HSBC Bank (Singapore), said: "Trust in technology is built over time... Caution is further amplified when money is at stake, and Singaporeans have traditionally valued stability and security in banking, although they are open to change."

There is also concern over cyber security. - THE STRAITS TIMES


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