According to a research from Fiserv, more than a quarter of consumers (26%) had experienced an IT issue with their bank. And of those, over a fifth (22%) have switched away from that bank as a result.
Findings reveal that 81% would trust a bank if it had the right technology in place. Over half (56%) said a new bank would have an advantage over rivals if its IT was very reliable.
A study conducted by Infosys and French retail banking association EFMA shows that 45% of banks rated the threat from technology companies as high. Also, in a recent report, analyst company Forrester reveals that the high costs and strict regulation of setting up a traditional bank will push internet companies into roles that support the relationship between banks and their customers. These include transactional payment services, financial advice, money management and product comparisons.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now