Adoption of new financial tools: sceptisism prevails in Luxembourg

fr en

Why change what is not broken? This may be the general consensus in Luxembourg when it comes to new financial tools. The latest ING International Survey asked people in 13 European countries, including 500 people in Luxembourg, about their openness to adopting new financial tools.

<< Back
29/10/2020 |
  • ING Gare

In particular, the survey looked at Open Banking – the sharing of financial data between financial service providers with the user’s permission – and at attitudes towards the security of various authentication systems used to log into financial apps and websites.

One key finding is that Luxembourg respondents are in no rush to use Open Banking, i.e. to allow financial services providers to share their financial information. This attitude is shared with Belgium, and to a lesser extent with France. It contrasts with the higher level of acceptance observed throughout the continent, especially in Germany and Austria.

As the answers suggest, part of this reluctance may be due to a perceived lack of benefits: Luxembourg residents just don’t understand (yet) how Open Banking could be useful to them. This may also relate to the fact that the new Luxembourg law implementing the EU’s revised payment services directive from 2015 (or PSD2) was only enacted about two years ago[i], which could help explain why the adoption of Open Banking services has not taken off yet: most Luxembourg residents may simply not be familiar with the concept, having had relatively little opportunity so far to experiment with it. Respondents in some other countries are far more enthusiastic as they see how such services can allow them to, for instance, quickly track their financial situation and move assets around.

In the answers of Luxembourg’s residents to the second set of questions, a similar scepticism is on display. This time though, it may be a sign that the country has already found satisfactory authentication solutions.

The fact that very few Luxembourg residents find login alternatives like, facial recognition, fingerprints, and especially voice recognition very secure may again have to do with low adoption. There may be a social tipping point beyond which one or more of these biometric authentication techniques will become universally recognized and more widespread. Another factor at play is the fact that three-factor authentication is already a fact of life in Luxembourg, with most banks using services like Luxtrust to ensure secure client login.

Read the full press release

Back to top  | << Back

Communiqués liés

Eurasian Resources Group and its ecosystem attract international partners (002)

Sberbank et Eurasian Resources Group se rejoignent pour dév...

Sberbank, une institution financière mondiale de premier plan, et Eurasian Reso...

Eurasian Resources Group
26/11/2020 Partenariat

Yoba Smart Money s’associe à Nets pour sa nouvelle soluti...

L’entreprise technologique luxembourgeoise Yoba Smart Money a choisi Nets, l...

Yoba Smart
Julie Becker (002)

LuxSE collaborates with Solactive on Solactive LGX Green Bon...

The Luxembourg Stock Exchange (LuxSE) entered into an agreement with the German ...

Bourse de Luxembourg
Digicash by Payconiq POS

Les utilisateurs Digicash et Payconiq peuvent désormais pay...

Les commerçants luxembourgeois rejoignent le réseau Payconiq, fort de 90 000 c...

ING Orange Week

ING remporte le prix "Best private bank in Luxembourg"

ING  Luxembourg a remporté le prix de la Meilleure banque privée au Luxembour...

ING Luxembourg
ARENDT Logo blue-1024x764

Arendt acquiert la société Mobilu, spécialisée en digita...

Afin d'accélérer sa stratégie numérique, Arendt a récemment pris une partic...


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