SYDNEY and BLUE BELL, Pa., June
12, 2018 /PRNewswire/ -- New research from Unisys
Corporation (NYSE: UIS) into Australia's banking industry reveals that
almost a third of Australians are willing to support data sharing
in an open banking environment, but only if privacy and security
concerns are addressed. The research also found Australian
consumers are less willing than those in other Asia Pacific countries to embrace new bank
services based on emerging technologies such as artificial
intelligence (AI) and machine learning – but younger generations
are driving change.
Unisys APAC Banking Insights – Banking on the CX
Factor is a study about the attitudes of banking customers
in Australia, Hong Kong, Malaysia, the
Philippines and Taiwan.
This year's report explores how consumers feel about banks using AI
to assess eligibility for credit cards and home loans, as well as
sentiment toward banks sharing data with non-bank entities to offer
new services - known as Open Banking.
Readiness for Open Banking
Open Banking is a growing
initiative in the financial services sector that allows banks to
share data with other organizations to offer new services to
customers and new revenue streams for the banks. The Australian
Government will phase in Open Banking by 1
July 2019.
Thirty-one percent of Australians support their bank sharing
their personal data with other companies to access financial
products. However, 34 percent don't support it, citing concerns
about privacy and security. Of those who do not support data
sharing, 67 percent say it is because they want to protect their
privacy, 45 percent are concerned about the other company's
security measures, compared to only 35 percent being concerned
about the bank's security measures. Australia recorded the highest proportion of
people, 35 percent, who could not say if they supported this type
of data sharing or not.
"For Open Banking to take off in Australia, banks must address customer
concerns about how they protect their customer data – not just in
the bank, but across all of the departments, partners and agencies
in the value chain. The results also indicate that many Australians
are unaware of Open Banking and how it impacts them so effective
communication by the banks will be key to consumers embracing this
initiative," says Richard Parker,
vice president financial services, Unisys Asia Pacific.
Balancing Artificial Intelligence with the Human
Touch
The survey reveals that while Australian bank
customers are the least comfortable overall with their bank using
software algorithms to access eligibility for credit cards and home
loans, younger generations are much more willing than those aged
over 50 years. The type of transaction also impacts willingness:
forty-two percent of Australians are comfortable with their bank
using software and algorithms to assess online credit card
applications, whereas only 29 percent are willing to use this for
home loans.
"Younger consumers are driving the demand for better online bank
services in Australia – this
generational pull is stronger here than in the other countries
surveyed. As a result, traditional banks are facing increasing
competition from online fintech lenders. There is a great
opportunity for banks to embrace the fintech approach and use smart
software to lead decision making for commodity products such as
credit cards," said Parker.
Unisys is helping banks to address these concerns with
Elevate™, an end-to-end, digital banking software
platform and suite of applications designed to help financial
institutions deliver an instantly secure, omnichannel banking
experience to their customers. Importantly, this means customers
can pay their bills on the go, transfer funds and apply for loans
and mortgages anytime, anywhere – regardless of whether they are
doing so on a mobile device or tablet, via an internet browser or
inside a branch.
Elevate incorporates a high-level of security, as built-in
adaptive biometric and data analytics securely identify customers,
authenticate access and validate transactions. The platform is
secured with Unisys Stealth®, an identity-based
microsegmentation security software that allows banks to
microsegment and conceal critical assets and establish encrypted
channels for secure user, application and system communication.
More than 500 financial institutions worldwide rely on Unisys
solutions. For more information on Unisys' financial services
capabilities, please visit
http://www.unisys.com/industries/financial-services.
Download the full Asia Pacific Banking Insights survey results
and infographics here.
Research Methodology
Research firm OmniPoll conducted
the online survey in November 2017,
polling nationally representative samples of at least 1,000 people
aged 18+ years in each of: Hong
Kong, Australia,
Hong Kong, Malaysia, the
Philippines and Taiwan.
About Unisys
Unisys is a global information
technology company that builds high-performance, security-centric
solutions for the most digitally demanding businesses and
governments on Earth. Unisys offerings include security software
and services; digital transformation and workplace services;
industry applications and services; and innovative software
operating environments for high-intensity enterprise computing. For
more information on how Unisys builds better outcomes securely for
its clients across the Government, Financial Services and
Commercial markets, visit www.unisys.com.
Follow Unisys on Twitter and LinkedIn.
RELEASE NO.: 0612/9595
Unisys and other Unisys products and services mentioned herein,
as well as their respective logos, are trademarks or registered
trademarks of Unisys Corporation. Any other brand or product
referenced herein is acknowledged to be a trademark or registered
trademark of its respective holder.
UIS-C
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SOURCE Unisys Corporation