EPAM has released its 2020 consumer banking report which examines neobank adoption.
In Brief:
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The report found 82% of consumers are at least “slightly happy” with their bank.
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A very small number would consider challenger banks as their main account – but half are reassessing their needs at the moment.
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The survey looked at consumers in the UK, Singapore, Hong Kong and the US.
What does this mean?
FinTech Alliance Editor Olivia Minnock commented:
“This report makes interesting reading. With 82% of customers satisfied with their current bank, this presents a challenge for the challengers. Findings show that most people still wouldn’t consider using their neobank as their sole account, but an increasing number use a neobank in combination – providing valuable insights and opportunity for neobanks and traditional banks alike.
“The importance of trust and value-added services is evident; as is customers’ willingness to adopt new technologies and services such as AI and social media. It’s clear that a focus on winning millions of new accounts at great cost with just ‘bells and whistles’, while essentially not offering anything new in terms of proposition or value, will not be a sustainable nor a successful strategy for any bank.”
