Almost half of 18-24 year-olds don’t trust the methods that traditional banks use. This is the conclusion of a new report from financial regulatory compliance firm, Neopay. The study found that only one in five people who use online banking services have ever used an alternative method to open their account. Google) with e-money transactions, with older respondents having fewer trust concerns when dealing with high-street banks. The report argues that the figures suggest that younger customers are increasingly opting to manage and control their funds digitally. Neopay’s commercial director, Scott Dawson, concluded that: “Traditionally, banks have been synonymous with dependability and solidity. However, since the banking crisis, the sturdiness of banks has been cast into doubt”.
Almost half of 18-24 year-olds don’t trust the methods that traditional banks use. This is the conclusion of a new report from financial regulatory compliance firm, Neopay. Of those surveyed, 30% said that they would trust a technology company (eg. Google) with e-money transactions, with older respondents having fewer trust concerns when dealing with high-street banks. The report argues that the figures suggest that younger customers are increasingly opting to manage and control their funds digitally. Neopay’s commercial director, Scott Dawson, concluded that: “Traditionally, banks have been synonymous with dependability and solidity. However, since the banking crisis, the sturdiness of banks has been cast into doubt”.