Rise of the technophobe - education key to tech adoption, says HSBC Announcement

The security of peoples' finances is as important as the protection of their personal data (87%) by their bank A lack of understanding and trust in technology is stalling mainstream adoption of innovative new services which could make millions of people's daily lives simpler and more secure, new HSBC research reveals. The HSBC research report, Trust in Technology, shows that technologies such as fingerprint recognition, voice recognition and robo-advice hold enormous potential for uses from bank security to mobile payments and investment advice, yet millions of people who could benefit do not trust them because they do not understand them well enough. HSBC has commissioned a study of more than 12,000 people in 11 countries and territories looking at their perceptions and use of technology. The study of more than 12,000 people in 11 countries reveals four in every five people (80%) believe that technology makes their lives easier but less than half (46%) trust fingerprint recognition to replace their password, despite it being recognised to be at least five1 times more secure and significantly more convenient than traditional passwords. Eighty-four per cent of respondents say they would share their personal data with their bank if it meant getting a better service, underlining the need to educate consumers about the specific benefits of new technologies.