Almost half of year-olds 18-24 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”.
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”.