Despite all the shiny fintechs out there, consumers still expect innovation in financial services to come directly from banks.
Almost half of the consumers –49% of women, and 45% of men– said they are most excited to see new financial product launches at banks, according to a study released yesterday by EY. All other alternatives , including internet-only banks, online retailers, technology companies, and social media– just 1% for both genders– came in quite far behind.
The report surveyed 1,969 men and 2,053 women on banking preferences and financial behaviors. From the study:
Women did have a stronger preference rate for branch bank players, by four percentage points. And although the overall preference rate was much lower for non-traditional bank players, men were slightly more likely to have interest in offerings from non-traditional players than women.
[Overall] women and men are more alike than different when it comes to how they engage in banking and payments usage. Channel usage preferences stood out, with more women using mobile/digital channels, while men tended to use branches at slightly higher rates.
The full study is available here.1 - Reader Likes This Post