Singaporeans still cautious about tech adoption
Singapore
A CAUTIOUS attitude towards technology adoption still remains within Singaporeans - especially in banking, despite the belief that it will improve life, and foster more openness to new and innovative technology, according to a HSBC report this week.
The global research report surveyed 12,000 people from 11 countries about their attitude towards technology and banking. Education and industry collaboration with regulators was found to help speed up the technology adoption process.
The report also found that 21 per cent of the Singaporeans would trust a remote-controlled robot operated by an experienced surgeon to perform an open heart surgery. Yet, only 7 per cent, similar to their global peers, would trust a robo-adviser programmed by humans for advice on a savings account.
The general comfort with current technology and recognition of its benefits do not see the same acceptance for banking among Singaporeans today. While 66 per cent use online banking, only 9 per cent of those surveyed prefer to use banking apps to manage their money.
"Trust in technology is built over time and is based on hard evidence and experience. 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," said Anurag Mathur, head of retail banking and wealth management at HSBC Bank (Singapore).
Apart from willingness to adopt, major concerns relate to personal data leakage. Yet, consumers still rely on traditional methods to secure their devices.
"What we have here is a catch-22 because when it comes to banking technology, trust has to be earned and this is solely driven by familiarity with new technology which is low. Similarly, consumers see security of finances as paramount but they are still relying on antiquated security that emerging technology will help overcome," said Mr Mathur.
He emphasised how knowledge and understanding is essential in trust building and accelerating adoption.
Although only 24 per cent currently use fingerprint recognition, 47 per cent agree that this method would be the top trusted replacement for passwords. Fifty-one per cent also believe that the future of identity recognition will become biometric-based within ten years, with banks providing more tech-based services to improve customer service.
Regulation plays a role in guaranteeing consumer faith in banks introducing new technology. "Singaporeans' open and positive attitudes towards innovation in future is a reflection of the government's efforts in embracing technological changes." said Mr Mathur, who believes that banks are the institutions to build consumer knowledge and trust.
