ING News
Luxembourg, 07/06/2019
Consumers are very conscious of security when they use devices to log into their bank account. However, there is no consensus on the safest authentication method. 71% of Luxembourg respondents think that the 2-factor authentication is safest, whereas 58% and 54% think that fingerprint recognition and a simple password respectively are amongst the safest authentication methods.
In Luxembourg, not all newer technologies are available yet, such as voice recognition.
When asked if using devices is safe or risky, opinions are more divided, 71% of users in Luxembourg think using devices to manage money is safe. Only 36 % label it as risky.
Open banking enables certain providers access to an individual’s financial information held by another organization if the individual has given her permission. There are many possible benefits from this form of data sharing, like for example to have an aggregated view of finances distributed amongst different locations (if you have accounts in different banks for example) in one single interface.
Most people have not heard of this form of data sharing and in Luxembourg 67% of consumers are not aware of it. This is an interesting fact, given that PSD2 (=Payment Service Directive 2) will come into effect in Luxembourg very soon.
In the wide area of digital open banking, PSD2 will play a key enabler role. Indeed as from September 14th 2019, bank’s clients, both consumers and businesses, will get a chance to make their payment accounts reachable, for consultation or initiation of payments, by any duly licensed/registered Third-Party provider.
This will be made possible with a high level of security thanks to strong customer authentication and provided that clients have given their explicit consent beforehand.
Robo-investing is still mostly a no-go. In Luxembourg, 74% of respondents say no to letting a computer program make investment decisions on their behalf. That figure is even higher than it was in 2017, when 52% of respondents in Luxembourg were rejecting any kind of automated financial activities. People would rather keep control even if this means giving up possible rewards.
If the computer program only makes suggestions, rather than decisions, 35% of Luxembourg respondents would be ok using it.
Robo-advising is a relatively new technology, so hesitation is understandable.
The ING International Survey is produced several times a year by ING eZonomics. It is about money and life - combining ideas around financial education, personal finance and behavioural economics to produce regular and practical information about the way people manage their money - and how this can affect consumers' lives.
Operating in the Grand Duchy of Luxembourg since 1960, ING is a universal and accessible bank with well-developed and user-friendly digital channels, appreciated by our retail, private and wholesale banking customer base, as well as a more personal contact through our network of branches. With over 100,000 customers, ING is one of Luxembourg’s top 5 banks and one of the country’s top 10 brands (source: 2018 KPMG Luxembourg Customer Experience Excellence Report).
Our aim is to empower people to stay a step ahead in life and in business. We believe the role of a financial institution is to support and promote economic, social and environmental progress at the same time as it generates healthy returns for shareholders.
Always at the cutting edge as regards digitisation, we were the first high-street bank to launch an online account in Luxembourg. With over 800 employees in the Grand Duchy (700 of whom are at our head office: ING Lux House) and thanks to the combination of our local presence and the strength of a robust multinational like ING, we offer our personal and business customers a wide range of solutions through the channel of their choice.
We actively contribute to the growth of the local economy, as demonstrated by the significant rise (+16%) in lending volumes during 2017. Our mortgage portfolio continued growing in 2017 (+15%), breaking the EUR 2 billion barrier for the first time. On both sides of our balance sheet, we posted double-digit growth (+18%) in 2017, reaching EUR 18.5 billion.
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