Consumers Expect Innovation to Come From Banks, Not Fintechs, Not Even Facebook

  • Diana Asatryan
  • May 19, 2017
  • 1

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.

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