Financial technology (FinTech) is steadily gaining traction, with new technology and services becoming available every day. Blumberg Capital’s annual FinTech survey examined American attitudes towards traditional banking institutions, FinTech companies and new financial technologies. Contrary to popular belief that big banks and FinTech companies are locked in a zero sum battle, American consumers want the best of both.
want financial institutions to focus on helping the average consumer
worry about security with online banking and payment services
are looking for banks to provide technology beyond traditional
banking services
believe the days of going into a physical financial institution
are coming to an end
have a positive view of FinTech companies
want financial institutions to focus on helping the average consumer
Comparing 2016 to 2017
Those 55 and older are more likely than those 18-29, 30-39 and 40-54 to say their bank is
transparent and they know how much they pay in fees on their accounts
Those with a household Income of $25,000-$49,999, $50,000-$74,999 and $75,000 or more are
more likely to say their bank is transparent and they know how much they pay in fees on
their account than those with a household income of less than $25,000
Those 18-29, 30-39 and 40-54 are more likely than those 55 and older to say they are often
confused about the information provided by financial institutions in billing, financial
reporting and fee structures
This online survey was conducted by Regina Corso Consulting on behalf of Blumberg Capital between September 5 and 8, 2017 among 2,037 U.S. adults, aged 18 and older. Figures for age, gender, education, income, employment and region were weighted to bring them into line with their actual proportions in the population. Because the sample is based on those who agreed to participate, no estimates of sampling error can be calculated.