Is the revolution canceled? Most banking clients have a hard time adopting innovation.

[Carding Forum]

The sensational digital revolution in the banking sector, apparently, is not a significant event for the majority of users, who are not yet very impressed with the entry of new participants into the market and the emergence of newfangled technologies. This was reported in a recent study by YouGov and ACI Worldwide, which surveyed 2,000 UK adults.

Most of the surveyed bank account holders (88%) do not intend to close their accounts within the next 12 months. 82% of consumers do not use mobile payment services like PayM or PingIT on a regular basis, and another 59% do not use mobile banking regularly.

78% of those surveyed said they were unlikely to use banking services offered by Google, Apple or Facebook, the leaders in the digital technology market.

Dean Wallace, director of mobile payments at ACI Worldwide, commented: “The research findings go against the popular theory of the fintech revolution in banking. In fact, the majority of consumers are still loyal to their banks and do not seek change.”

However, the survey results also show that bank customers are increasing their use of online banking, PayPal, and especially contactless payments. 29% of UK users make recurring payments using contactless cards, most of them living in London and using cards to pay for their metro rides.

“In terms of providing easily accessible and flexible services, banks need to focus on the opportunities that now exist. Most likely, we are witnessing a “tipping point” in the financial services market, caused primarily by changes in the habits and preferences of young users”.