Will Fintech innovations render traditional banks useless
As technology improves how financial services are being delivered to customers — and their value — new research has found that 74 per cent of Americans would switch from their bank to safe and more cost-effective digital fintech (financial technology firm) services. The same research also found that one in two Americans believe their bank fees are too high, while one in five believe banks are slow innovators.
The findings were derived from a survey of an independent panel of 1144 Americans by Money Transfer Comparison, a global comparison website that enables Americans to source the best money transfer rates, commissioned a survey of an independent panel of 1144 Americans to determine how Americans think their banks are keeping up with fintech innovation and competitive pricing, and whether they would be willing to switch from traditional banking to innovative fintechs such as specialist money transfer platforms, online lenders, virtual credit cards with spending trackers and trading platforms. The full results, with age and state breakdowns, can be found here: https://moneytransfercomparison.com/usa-info/bank-innovation.html
The survey found that three quarters (74 per cent) of Americans are willing to outsource their financial services to fintech digital services that were safe and more cost-effective than bank…
