Consumer-oriented financial institutions are traditionally known for having more personal relationships with their customers due to the intimacy of personal finances. But in 2020, many such financial institutions have found themselves facing challenges they couldn’t have imaged 10-15 years ago, e.g. agile FinTechs slicing off large chunks of long-established customer bases, data-driven behemoths like Google, Apple and Amazon providing more appealing personal finance solutions. One of the biggest looming questions is if consumers will really trust their financial data with these new financial players.
The answer to this question: maybe. 64% of young consumers would recommend their financial institution for various spending, savings, borrowing and investing products at the moment; however, 56% also report that they would be willing to switch to banking solutions offered by players like Google and Apple if/when they are brought to market. This means that traditional financial institutions have a lot of work to do if they are to compete in the near future.
To help financial service providers quickly glean important insights from available data, Oracle has published their Global Retail Banking Consumer Trends report, in which they break down aggregated data by common product groupings and their popularity. Click here to view the full report and start examining what banking consumers are really looking for.