In Luxembourg, digital banking users cautious but willing

fr en de

71% of respondents in Luxembourg rate two factor authentication, fingerprint and password, as the safest.


<< Back
14/06/2019 |
  • ING

2/3 of Luxembourg residents consider it safe to bank on a device

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.

Lack of knowledge on open data sharing

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.

Initial hesitance to automated investment decisions but open to robo-advising

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.

Back to top  | << Back

Communiqués liés


Further to the statement issued on 19 March, ArcelorMittal t...

Firstly, we would like to recognise the resilience and flexibility of our global...

Nucleus Holdings

Photonike Capital SA – Nucleus Holding II SCS: new acquis...

Photonike Capital SA (Euronext Access Symbol: MLPHO - Brussels) and Nucleus Hold...


Dentons sort l’édition 2020 de son guide ‘Investing in ...

À l'aube d'une nouvelle décennie, les forces qui façonnent le secteur europé...

Kleos Scouting Mission artwork -source Kleos Space

Kleos Space procède à une nomination clé pour le dévelop...

Kleos recrute un colonel retraité de l'US Air Force pour soutenir la croissance...

Kleos Space S.A.
Grant Thornton Luxembourg covid 19 (2) (002)

Grant Thornton conseille gratuitement les entreprises impact...

Les entreprises peuvent contacter la Helpline Grant Thornton au +352 20 80 01 51...

Grant Thornton
EFA Press release (Feburary 2020)-1

REINO Capital and RF CorVal choose EFA for the Central Admin...

Luxembourg-based REINO RF CEE Real Estate Fund, formed as part of a strategic co...


Il n'y a aucun résultat pour votre recherche

We use cookies to ensure the best experience on our website. By accepting you agree the use of cookies. OK Learn more